The precious metal extended declines on Thursday following days of uncertainty. By Wednesday, equities required, pushing appetite for risk assets higher.
This led to safe haven assets losing ground. While gold prices closed flat on Wednesday, the declines accelerated into Thursday’s close. Investors now wait for the conclusion of today’s trade meeting.
XAU/USD Fails to Breakout from the Range
The precious metal has been trading within the confines of 1508 and 1485. Repeated tests to the upside failed to result in a convincing breakout. This pushed gold prices lower on Thursday. Price action could drop towards the lower boundary of 1485. A close below the 1485 handle will confirm the downside bias in gold.
