Gold prices reversed gains after briefly testing the 1300 mark earlier this week. The reversal led to prices closing in the red on Tuesday. However, in the near term, the trade wars could remain a trigger which could keep the momentum biased to the upside. On the economic front, the US retail sales and industrial production figures will be the short-term catalyst.
Can Gold Maintain the Gains?
The reversal off the 1300 mark currently shows a consolidation in the gains. Gold prices are likely to test the support at the 1285 handle in the near term. Establishing support at this level could confirm the upside bias. However, if gold eases below the 1285 level, then price action could suggest another bout of sideways range in the precious metals market.
