While the net takeaway from several US Federal Reserve speeches yesterday was not patently dovish, strength in treasury bond prices and signs the dollar rally is fizzling suggest some markets interpreted Fed news yesterday as dovish.

However, generally dovish chatter in the market has not provided gold with any support which clearly points to a bearish preference by the trade.

With an avalanche of global central banker speeches this morning and the Fed chairman yesterday indicating he thinks Fed economic forecasters need to be open-minded and consider inputs beyond typical indicators gold isn't even looking for bullish prospects...[MORE]

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