The US dollar and stock index futures frowned upon the GDP estimate and headed lower. The development may give gold players another chance at trying to go for the assault on the $1,660-$1,675 resistance area.
Gold’s last/best chance to try for the $1,650 target ahead of the Fed today comes from a lower-than-expected US durable goods orders figure and the flicker of a QE3 hope that such a metric might give rise to among speculators.
Barclays Capital analysts find that the slow but steady leakage of metals tonnage from various ETFs is underscoring the ebbing interest in precious metals at the present time. Gold balances in such vehicles have declined by six tonnes this month.