Gold prices edged slightly higher during today's early session despite the optimism surrounding the trade war, but it is still trading near 4-months low. Global stock markets received some support this week amid positive US and China factory activity surveys. Reports that officials from China and the US have resolved “90% of the outstanding issues” and are now closer to agreeing a trade deal were also cited a tailwind for equities. Negotiations between the two sides continue as Chinese Vice Premier Liu He arrives Washington to meet with high-level US officials for more talks.
Gold prices recovered from the recent downfall and got back above the $1290 level after retreating from the oversold zone. The price is currently trading just below the $1293.78 resistance level with what it seems to be a bullish momentum. If the price succeeds to break above it, we will be focusing on the retest of the $1300 again.
Support: 1291.35/ 1288.63
Resistance: 1293.78 / 1303.07