Precious Gold retreated on Tuesday as improvements in U.S. outlook continued to put downside pressure on bullion prices. The most recent data from the U.S. suggest that recovery is gaining momentum and the Fed is likely to continue with its stimulus withdrawal plan. Eyes will focus on the Federal Reserve minutes of its April 29-30 meeting due on May 21, where policymakers decided to cut bond purchases for a fourth straight month to $45 billion from a total of $85 billion. Philadelphia Fed President Charles Plosser and New York Fed President William Dudley will speak later in the day. A report this week may show U.S. initial jobless claims slipped to the lowest level in seven years. Meanwhile, gold is trading around $1291.24 an ounce after hitting a high of $1294.56 and a low of $1289.03. The metal faced strong resistance on Monday after hitting a peak of $1305.21, noting that the fall below $1294, which represents Daily SMA 20, could force the metal to trade lower. The US Dollar rose versus a basket of major currencies to hover around 80.13, after touching a bottom of 79.93 yesterday. Crude Oil for July’s delivery resumed its advance for a third straight session to trade around $102.29 a barrel from the session’s opening of $102.10. On the political front, the simmering tensions in Ukraine provided some haven demand on the metal. A top Ukrainian Interior Ministry official said on Monday that 32 pro-Russian protesters may have been poisoned with chloroform.

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