Gold Technical Analysis: Buyers look for confirmation of immediate falling wedge

The latest pullback from 23.6% Fibonacci retracement of late-October to early-November fall drags Gold prices downward to $1,459.70 during early Wednesday.

With this, the metal’s another drop to November 12 top near $1,457 becomes imminent. Though, monthly low surrounding $1,445 will restrict the bullion’s further declines. Read more”¦

Gold slips below $1460 level, the downside seems limited ahead of US macro data

Gold failed to capitalize on the previous session’s recovery move from two-week lows and traded with a mild negative bias through the early European session on Wednesday.

The recent optimism over a possible US-China trade deal remained supportive of the prevalent risk-on mood and continued denting demand for traditional safe-haven assets. In the latest trade-related development, the US President Donald Trump said on Tuesday that we are in the final throes of a very important deal with China that would defuse a 16-month trade spat. Read more…