Gold prices rose sharply once again on the day on Tuesday. The gains come as China’s Premier said that he was not aware of any calls made to Trump. President Trump claimed that China wanted to get back to negotiating the trade deal. The confusion kept the market sentiment in check.
Is Gold on the Verge of Forming a Top?
The recent gains in the precious metal are showing signs of exhausting momentum. Gold prices have rebounded in the short term. But unless we see a strong breakout, it is unlikely that the precious metal will have further room to run. The Stochastics oscillator is currently signaling a possible easing of the momentum. The initial support at 1508 will be key to the downside.
