Gold Trading Bearish on Improving Market Sentiment Over Trade Deal, Brexit Developments

Gold is trading bearish into Tuesday as Trump’s positive comments on the ongoing discussions towards an interim trade deal lifted the mood in the financial markets. At the time of writing, GOLD is trading at a little above $1,484.

The risk appetite is back in the markets after Trump confirmed that negotiations were proceeding well. US Trade Representative Robert Lighthizer also remarked to the media that the trade teams are working hard to finalize the phase one trade deal by the APEC summit in Chile taking place around mid-November.

Hopes for a Brexit deal are also keeping gold prices under pressure lately. Although the UK Parliament failed to vote the latest Brexit deal reached between PM Boris Johnson and the EU, expectations are high than the government could turn the Brexit deal into a law within the next three days.