Gold prices rose 0.28% on the day on Thursday. Price gains came as news about China’s trade deal continued to pour in. With no clear outlook, the precious metal was seen taking advantage of the market conditions. Price is seen consolidating near the 1285 level currently waiting for further developments on the trade talks.
Can XAUUSD Post Further Gains?
The price action in XAUUSD suggests that traders are currently waiting for more clarity on the outcome of the US and China trade talks. With price near the resistance level of 1285 and brief attempts to break past this level, we expect XAUUSD to maintain this holding pattern. There is scope that the precious metal could eventually give way and fall back into the range. The lower support near the 1270 handle remains the key downside for the moment.
