The precious metal was muted, trading rather flat. Lack of clear fundamentals left gold traders on the sidelines. US and China trade talks were also somewhat subdued. Gold prices initially slipped as the trade talks showed optimism. But prices soon recovered as the initial euphoria eased.
XAU/USD Remains Trading Within Range
XAUUSD was seen rising back to trade within the range. Price action briefly rose above the 1485 level which marked the lower bound initially. Amid the consolidation, gold is seen trading into a descending wedge pattern. Therefore, an upside breakout could trigger gains to the 1508 region. This would mark a retest of the upper range once again.
