The safe-haven-metal GOLD prices are flashing red and dropped by 0.5% as uncertainty eased on the United States and China trade deal when positive news came overnight. The drop in the yellow metal prices came after White House economic adviser Larry Kudlow said that the United States and China are very close to making the partial trade deal. Asian stock markets traded higher today after Kudlow’s comments.
The Chinese Ministry of Commerce spokesman Goa Feng stated that both nations are having powerful and deep talks regarding the phase-1 deal. But he also added that reducing existing tariffs is critical to complete the trade deal on a positive note.

Gold prices have gained more than 14% during this year even after today’s decline in gold prices, as the trade dispute has disturbed the financial markets and supported gold’s safe-haven demand.

Daily Support and Resistance
S3 1448.81
S2 1459.45
S1 1465.42
Pivot Point 1470.09
R1 1476.06
R2 1480.73
R3 1491.37
Gold traded precisely in line with our forecast to target 1,472 prices has reversed after testing this level. At the moment, gold is trading around 1,466 level, and it seems to form three black crows pattern on the 4-hour chart. If this happens, the chances of a bearish reversal will be stronger. On the lower side, gold can find the next support at 1,464 and 1,460 level while the resistance stays at 1,469 and 1,472.