Gold trims gains as White House dismisses news of US-China trade-talk fallout

Gold is seeing a solid two-way business in Asia.
The yellow metal jumped to $1,517 on reports of the US-China trade talk fallout.
White House dismissed the news, leading to a pullback in Gold.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,512 per Oz, representing 0.30% gains on the day, having hit a high of $1,517 at 22:55 GMT on Wednesday.

The yellow metal had picked up a strong bid at lows near $1,505 on reports stating that lack of progress in the US-China trade talks.

High-level talks are expected to last for only one day, with Liu He and his team now planning to leave Washington on Thursday, South China Morning Post cited a person with knowledge of the matter. The news report triggered risk aversion, sending the futures on the S&P 500 down by more than 0.5%.

The risk-off, however, has weakened somewhat in the last few minutes with White House's spokesperson Judd Deere calling SCMP report inaccurate. Deere told CNBC's Washington Correspondent Kayla Tausche that the White House is not aware of a change in the Vice Premier Liu His plans at the time and the Chinese are scheduled to depart Friday evening.

Gold trimmed gains after Deere's comments. Prices dropped to $1,507 a few minutes before press time, before bouncing back to $1,512. The yellow metal, however, may again rise to levels near $1,520 if the White House confirms the news of trade-talk fallout. It is worth noting that Fox Business is also reporting an early end of trade talks.

Technical levels

XAU/USD

Overview
Today last price	1512
Today Daily Change	7.40
Today Daily Change %	0.49
Today daily open	1505.6

Trends
Daily SMA20	1501.16
Daily SMA50	1504.75
Daily SMA100	1440.37
Daily SMA200	1368.54

Levels
Previous Daily High	1511.4
Previous Daily Low	1500.1
Previous Weekly High	1519.04
Previous Weekly Low	1455.5
Previous Monthly High	1557.03
Previous Monthly Low	1464.61
Daily Fibonacci 38.2%	1504.42
Daily Fibonacci 61.8%	1507.08
Daily Pivot Point S1	1500
Daily Pivot Point S2	1494.4
Daily Pivot Point S3	1488.7
Daily Pivot Point R1	1511.3
Daily Pivot Point R2	1517
Daily Pivot Point R3	1522.6

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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