GOLD: Stalls on the offer after FOMC minutes

FOMC minutes, key notes

• Some participants commented that additional policy firming would likely be warranted at future meetings.
  

• Some participants stressed it was crucial that policy that the statement not signal the likelihood of rate cuts this year or rule out further hikes.
  

• Fed staff continue to forecast mild recession starting later this year, followed by a modestly-paced recovery.
  

• Several participants said if the economy evolved along lines of their outlooks, further policy firming might not be needed.
  

• Participants generally agreed that the extent to which further interest rate hikes may be appropriate had become less certain.
  

• Many participants focused on need to retain optionality after May meeting.
  

• Participants judged that the banking sector stress would likely weigh on economic activity but to an uncertain extent.
  

• Participants agreed that inflation was unacceptably high, and are declining slower than they had expected.
  

• Some participants noted concerns that the Federal debt limit may not be raised in a timely manner, threatening significant financial system disruptions, and tighter financial conditions.
  

Trade active

Trade closed: stop reached:

Gold price has extended its downside further below the immediate support of $1,940.00 in the Asian session. Earlier, the precious metal displayed a vertical downfall after slipping below the $1,952.00 cushion as the United States economy is approaching a default situation.