Gold rallied on Wednesday following the Fed’s decision to downgrade its rate path forecasts. The metal emerged above two resistance (now turned into support) barriers in a row and the advance was stopped at 1264 (S1). Taking into account that the metal has been trading between 1225 (S3) and 1278 (R2) since the last days of February, I would consider the short-term outlook to be flat. For now though, I believe that the positive move is likely to continue. A clear break above 1264 (R1) could prompt extensions towards the upper bound of the range, at 1278 (R2). Our short-term oscillators support the notion. The RSI emerged above its 50 line and now looks able to move towards 70, while the MACD, although negative, stands above its trigger line and looks to be headed towards zero. Switching to the daily chart, I still believe that the longer-term picture remains somewhat positive. I would treat the short-term range as a pause of that longer-term uptrend.