The precious metal pared losses from Wednesday as investors turn cautious ahead of key economic events. The trade war narrative remains the major catalyst, however. The US is set to raise tariffs on China come December 15th. Therefore, with the markets uncertain about the deal, gold prices are recovering.
XAU/USD on Track to Hit Resistance
The precious metal is seen rising towards the resistance area of 1483. Although this level was previously tested, prices were promptly rejected. We expect to see a firmer test of this resistance area. In the event that XAUUSD breaks out above 1483, then further gains could be seen towards the 1490 region.
