Third consecutive red close for gold at $1455.60 as the market continues to price in trade talk optimism even with President Trump's latest mixed comments. The greenback consolidated gains in yesterday's session on the back of softer China macro data and weaker than expected data in the UK. Investors on the watch today for President Trump's appearance at the New York Economic Club, hoping for any details on the upcoming meeting with President Xi of China.
Strong bearish momentum persists on the yellow metal as evident by the weak pullbacks after every market drop. On the hourly chart, the MACD indicator is turning from positive to negative, with the RSI below 50 and heading south.
An hourly close below $1448.99 will open the way to the support level at $1440.64, and a failure to do will have prices retrace higher attempting $1457 and $1461.
Support: 1461.09/ 1440.64
Resistance: 1474.34/ 1482.93 /1492.83