Gold prices were largely subdued on Monday. Positive reports from Larry Kudlow, the economic advisor, saw risk sentiment rising. Bond markets were largely calm. Kudlow said that if the talks continue, there is a good chance that the US will lift the new trade tariffs due to take effect in December.
XAU/USD Maintains Consolidation
XAUUSD remains rangebound for the large part. Price action is testing the lower trend line. A breach of this trend line will potentially send prices lower.
The downside target for XAUUSD is at the 1445 handle. A retest of this level in the short term for support could offer some bounce. However, unless we see a strong breakout, XAUUSD will remains trading flat.
