Japan Machinery Orders (YoY) came in at 5.9%, above expectations (4.5%) in March

Gold struggles to capitalize on the previous day’s goodish rebound from the vicinity of $4,450, or the lowest level since March 30. Hawkish FOMC Minutes released on Wednesday reaffirmed bets for a rate hike this year and acted as a headwind for the bullion. Meanwhile, signs of de-escalation in the Iran conflict undermine the US Dollar’s reserve currency status. This should help limit the downside for the XAU/USD, warranting caution for bearish traders.