Gold prices rose slightly higher on Monday as risk appetite fell on US and China trade news.
China’s export data to the US showed a 22% decline in September on a year over year basis.
Total exports were down 3.2% on the month. Imports to China were down 8.5%. The risk appetite led to some modest gains in the precious metal.
XAU/USD Remains Rangebound
Gold crept back into range, trading within the 1508 – 1485 level. The reversal came after prices initially slipped below this level two weeks ago.
With price action going back within that same level, we expect the sideways range to continue. On the weekly charts, the bearish engulfing pattern remains, which gives a downside bias to gold.