The precious metal was back on the decline losing over one percent on the day. The declines come on renewed trade optimism between the US and China. Sentiment for risk assets increases following the new developments on the trade front. The declines in gold prices come after the precious metal has been failing to post further gains.
XAU/USD is Seen Testing the Support
The declines in XAUUSD saw price action falling to the support area of 1462. The support area marks prices testing this level for the second time in recent weeks. Overall, XAUUSD is trading sideways within the levels of 1511 and 1462. A breakdown below the 1462 support level will potentially confirm further declines to 1440.