Gold had a modest pullback overnight, trading in a narrow range of $1301.70 - $1306.90 and awaiting this afternoon’s FOMC statement and Powell’s press conference.  The yellow metal traded against a small uptick in the US dollar (DX from 93.37 – 96.57), which was boosted from weakness in the yen (111.28 – 111.69), the pound ($1.3273 - $1.3212, May’s planned request for delaying Brexit was running into complications with MPs and the EU) and the euro ($1.1359 - $1.1334, softer German PPI).  Global equities were mostly firmer and weighed on gold with the NIKKEI +0.2%, the SCI unch, Eurozone shares ranged from flat to -1.3%, and S&P futures were +0.2%.  Higher oil prices (WTI from $58.80 - $59.37, surprise draw in US oil inventories from the API report last night) were supportive of stocks.  

 Ahead of and through the NY open, S&P futures turned negative (weak quarterly report from FedEx, EU’s $1.7B fine of Google weigh), while the US 10-year bond yield fell below 2.60% to 2.591%.  The DX slid to 96.36 (took out overnight low), and gold rallied. It took out the overnight high to reach $1309.55, where it was capped ahead of $1310-11 – (triple top, 3/13, 3/14, and 3/19  highs). 

 Later on, comments from PM May that she’s seeking only a 3-month Brexit delay to June 30, was met by a demand from Labour Leader Corbyn’s demand for a confirmation referendum on Brexit, along with comments from the EU’s Junker on not having an extension past the EP elections on May 23.  The pound tumbled to $1.13146, giving the DX a boost to 96.50.  Gold slipped in response, and retraced to $1305.75. 

 After a softer open, US stocks pared losses (S&P -5 to 2827), helped by a pop in oil (WTI...

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