President Trump faced a surprise reversal on Friday when members of his own Republican party failed to support legislation that would revamp the current U.S. healthcare system. This setback so early in his term has unnerved investors and increased concerns about his ability to see through his two primary campaign promises; the reformation of tax rules and massive infrastructure spending.
The U.S. dollar tumbled to an almost a two-month low against a basket of major currencies on Monday. Bullion gained $60.00 in value since March 15, when an outlook from the U.S. Federal Reserve that was less hawkish than anticipated brought buyers back in to the market. However, technical analysts estimate that upside may be capped, as gold approaches its 200-day moving average at $1260.50, which is widely considered as a very strong resistance zone.