Gold (GLD) Bounces Off FOMC Comments
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The spot price of Gold moved higher overnight, bouncing off lows at $1525 seen yesterday back up to $1550. The rebound comes as traders process statements made by the FOMC during a meeting in April, which was released yesterday afternoon.
During the meeting, comments by committee members made it appeared more open to the idea of further stimulus. However, comments by Fed official make it clear that further stimulus would only come if the recover in the U.S. wanes.
With this in mind, traders will be focusing on data out of the US for signs of future Fed action. In the past, quantitative easing measures have supported gold prices.
Gold can be traded using the ETF (NYSE: GLD).
During the meeting, comments by committee members made it appeared more open to the idea of further stimulus. However, comments by Fed official make it clear that further stimulus would only come if the recover in the U.S. wanes.
With this in mind, traders will be focusing on data out of the US for signs of future Fed action. In the past, quantitative easing measures have supported gold prices.
Gold can be traded using the ETF (NYSE: GLD).
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