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Still, the market remained jittery about potential Fed tapering after Robert Kaplan, the president of the Dallas Federal Reserve, said it’s time to start debating a reduction in bond purchases.
More than 86% of S&P 500 companies have beaten analysts’ forecast so far in the earnings season, underscoring strength in the underlying economy.
As the US economic recovery gains momentum, markets may start to seriously consider tapering risk even though Fed Chair Jerome Powell reiterated his dovish stance in public appearances recently.
The world’s largest gold ETF – SPDR Gold Trust – saw continuous outflows in April, but the pace of redemption appeared to have slowed significantly.
On the gold chart, the “AB=CD” pattern is part of a larger “Double Bottom” pattern.
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