As both countries struggled to finalize a phase one trade deal due to their differences on intellectual property protection and industrial policy reforms, the demand for asset continued to increase.
“We’re seeing some momentum and signs of progress in the trade talks; also expecting some good (economic) data this week and all this is collectively providing optimism. It is ‘risk on’, so gold prices are under pressure,” Phillip Futures analyst Benjamin Lu told CNBC.
The price of the precious metal remains at around $1,455, as the rejection of $1,458 on smaller time frames prevented a seemingly rapid recovery to a key resistance level at $1,464.
A target cut to sub-$1,500 following predictions for $2,000 just three months ago demonstrates noticeably worsening sentiment around the gold market.
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