The safe haven metal prices are flashing green and have recovered mainly due to the intensified uncertainty regarding the United States and China trade deal. However, the prices of the yellow metal are still fluctuating near the 3-week high above $1,480.

The United States President Donald Trump hinted that the long-awaited trade deal might have to wait until the 2020 election, totally opposed to what his senior adviser Kellyanne Conway just said during this week that the deal could come by the end of the year.

On the other hand, the chances of the United States and China phase-one trade deal are reducing day by day. The United States President recently warned that the deal might happen only by late-2020 while the US House announced sanctions on senior Chinese diplomats.

The different signals from the White House escalate uncertainty regarding global economic prospects, which have boosted GOLD prices as it is widely seen as a safe haven asset.

Moreover, the US Commerce Secretary Wilbur Ross also said if no substantial progress was made soon, another round of tariffs on Chinese imports, including cell phones, laptops, and toys would be active on December 15. Apart from this, the positive PMI data from China will likely boost the prices of gold in the wake of increasing demand.

Daily Support and Resistance

S3 1437.64

S2 1449.15

S1 1455.8

Pivot Point 1460.66

R1 1467.31

R2 1472.18

R3 1483.69

Bullish trend in gold remains dominant in the wake of safe-haven appeal. Yesterday, the US President Donald Trump inflicted tariffs on Argentina and Brazil. Besides, Trump said a trade deal with China might be delayed until after the November 2020 elections. With this, the bullish sentiment remains solid. We may see gold prices going further higher until 1,484. On the lower side, the immediate support remains 1,477.