Gold prices were down by over 0.4% on the day. The declines came largely because of trade deal optimism.
Gold prices have been caught trading within the range over the past month. While prices got a boost from the dovish Fed outlook, the gains were reversed quickly.
XAU/USD Likely to Maintain the Sideways Range
The precious metal is expected to continue trading flat. The established range of 1483 – 1462 remains for the moment. Unless gold breaks off from this range, we do not expect prices to head anywhere.
The bias remains to the downside, for now. This will especially come if the US and China reach a conclusive trade agreement.