The rising risk sentiment in the market sent the safe-haven assets lower, including gold. However, gold prices remain anchored near the lower highs that are forming.
The economic calendar for the week also remains bleak for the moment. Thus, most of the gains in gold prices will depend on the major trade flows on the US-China trade deal.
XAU/USD Likely to Post Declines in Near Term
The precious metal, after testing the resistance level at 1511.50 is retreating currently. However, price action will need to push lower in order to confirm the declines further.
The initial support at 1495 will be the first support of interest. A breakdown below this level will, however, confirm the decline to 1462 support.
