The safe-haven-metal prices consolidate in the narrow range after the reports of the possible pause in the signing of the incomplete trade deal between the United States and China.

Reports suggest that the signing of a trade deal may not happen during this month, as previously expected, but trade talks continue on terms and value. Moreover, China wants the United States to stop tariff hikes on Chinese goods in the wake of an incomplete trade deal.

The safe-haven-metal prices are unstable during this week due to uncertainty surrounding the United States and China trade deal. As we know, the gold prices have traded bullish, gaining by 16% so far this year, mainly due to intensifying tensions between the United States and China.

At the Fed front, the monetary rate cut policy from the United States Federal Reserve was also supportive of GOLD prices. The Federal Reserve delivered the rate cut for the 3rd time this year. It has confirmed that it’s less likely to have more rate cuts in the near future until the economy strongly needs it.

The Chicago Fed President Charle Evans has stated that the United States economy is at a good place right now. He also said that he would be strictly observing inflation to decide on how the future position of monetary policy should be. Gold has traded mostly in line with our expectations, as it stays bullish to complete 23.6% correction at 1,487 level and 38.2% Fibonacci level of 1,494. For now, this level is extending substantial resistance to gold.