Earlier in the day, gold slipped as weaker US Durable Goods data lifted the safe-haven demand for the greenback while an uptick in the Treasury yields also drove the buck higher.
However, what traders are concerned about is the pace of their asset purchase program, as there is some evidence of those purchases losing some momentum.
It is likely that we may see some hint of bullish views in the Chairman’s view because if we look at the new orders’ data, they saw a solid increase in March, and this gives further evidence that economic growth is accelerating in the US.
Gold reversed an intraday dip to the $1,774 area and moved back closer to daily tops during the early European session, albeit lacked follow-through.
That said, the downside remains cushioned, at least for the time being, as investors await the latest monetary policy update by the FOMC on Wednesday before placing aggressive bets.
Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
As we start a new week, and the last week of trading for April, there is optimism in the air.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice.