The safe-haven metal prices recovered by 0.2% as the market welcomed the risk after the latest news regarding trade between the United States and China. A recent revealed that the United States and China were very close to singing the partial trade deal but the United States administration also reportedly planned to increase tariffs on Chinese imports worth over $100 billion.
At the macroeconomic front, the United States reported unexpectedly better ISM non-manufacturing data for October, which decreased some tension of the global economic recession. At the Sino-US trade front, the United States and China are still on the doubtful track and seen very far from reaching even a phase one deal.
The Federal Reserve reported that they would not raise interest rates until there is a material change in inflation, and we don’t think that the situation will be created before two years, and that is good for gold.

GOLD – XAU/USD – Technical Outlook
The bearish bias continues to dominate gold’s trading as the precious metal fell below 1,507 to 1,479 level due to lack of physical demand from the world’s two biggest buyers, China and India. At the moment, gold is stuck in the oversold zone, and sellers seem exhausted.

Daily Support and Resistance
S3 1433.66
S2 1461.98
S1 1472.82
Pivot Point 1490.3
R1 1501.14
R2 1518.62
R3 1546.93
This may offer us bullish correction today. On the 4-hour chart, gold has formed a pattern Inside Up Bar, which is suggesting chances of a bullish retracement until 1,487, the 23.6% Fibonacci level. In case of a bullish crossover of 1,487, gold may go up to 1,497. On the lower side, 1,479 remains solid support.
Good luck!