Gold pushes higher following the news that the Trump - Xi meeting has been pushed back to December


  • Gold has pushed higher following the news that the US-China phase one signing will be delayed.
  • The resistance level to watch for is now at USD 1496.80.

 

In a breaking story, it has been reported that the meeting of President Trump and his Chinese counterpart Xi has been delayed until December, according to Reuters reports.

It's still possible the US-China trade pact will not be reached, but a deal is more likely than not

China's push for more tariff rollbacks is not seen derailing progress toward a trade deal.

CNBC has also stated that the two could meet at the Nato summit in London on the 3rd - 4th on December as Trump is scheduled to be at the summit anyway.

Looking at the 4-hour chart below there was a strong bounce off the USD 1480 per ounce level earlier in the day as the risk tone from Tuesday's session failed to carry through to today.

Now the USD 1496 and USD 1500 psychological levels will be in focus are this news is pulling money flows back to safe-haven assets.

Gold analysis

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