The precious metal is gradually retracing the gains made from the previous weeks. A lack of economic data and the impending trade deal signing remain one of the biggest cues for the gold prices at the moment.
President Trump is expected to sign the phase one deal sometime after today.
XAU/USD to Hold Near the Support
The precious metal initially bounced off the support level at 1534. Price action could retrace higher, but for the moment, further gains are unlikely.
The support level is likely to hold in the near term. In the event of a breakdown below this level, gold prices could accelerate the decline down to the 1513 region.
