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Gold not sure where to go after the Fed as Powell awaits

Earlier today gold rebounded and managed to climb back above $1,990. That was due to the less than inspiring US data releases pushing US bond yields lower. That pushed the dollar down and gave gold the perfect excuse to rise from an earlier session low at $1,975.30. However, despite making back above $1,990, the metal was not able to hold the gain and subsequently fell back to set a new session low at $1,974.66 just after the 4pm London FX fix. The outcome of the Fed decision has helped it to rise back above $1,980 just now, but given that US yields are lower again right now, perhaps it ought to be doing better? Well, so far it is not. Perhaps this is all due to the metal taking no chances with what Jerome Powell might have to say shortly (at 6.30pm GMT). Gold is just now trading at $1,979.80 

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