Gold prices ease from $1,771.14, the highest levels since October 2012. Buyers await fresh clues to challenge the multi-year top. Optimism prevailed earlier amid hopes of further stimulus and no hardships for the US-China trade deal joined upbeat PMIs. Trade tensions are back in focus, virus woes offer background music. Gold prices step back from the multi-year high to near $1,770 amid the early Wednesday morning in Asia. The bullion seems to catch a breather as risk-negative headlines from China’s Global Times and the US State Department’s negative signals for Asian tire manufacturers suggest a renewal of global trade war. China’s Global Times accused the US of harming the phase-one deal, while also citing negative attitude towards Huawei, to renew the fears of Sino-American trade war. Additionally, the US Commerce Department called for an investigation into the imports of vehicle tires from South Korea, Taiwan, Thailand and Vietnam to determine whether they are being sold at less than fair value, per Reuters. It should also be noted that the surge in the coronavirus (COVID-19) figures from southern US states keep the risk-on mood chained. The precious metal surged the previous day amid broad market optimism weighing down the US dollar and increasing appetite for gold. Among the upbeat catalysts favoring the market’s optimism were the US policymakers’ efforts to convince traders about the phase-one deal with China. Further, key global economies printed upbeat preliminary activity numbers for June and helped favor the bulls whereas hopes of a $1.5 trillion infrastructure plan from the US seem to add strength to the trade-positive environment. Additionally, further easing of the lockdown restrictions by the UK PM Boris Johnson offered another factor to support the strength of the risk-tone sentiment. Amid all these catalysts, Wall Street marked another positive day with US 10-year Treasury yields. S&P 500 Futures also follow the footsteps while flashing 0.14% gains to 3,117 as we write. Considering the return of trade fears, amid pandemic wave 2.0 speculations, any more negative headlines could help the US dollar to recover its latest losses. As a result, Gold prices might ease further from the key levels unless the greenback fails to react to the risk news. Technical analysis While buyers are targeting further rise towards October 2012 top near $1,785, sellers will look for entries only if the quote slips below $1,731 level comprising an ascending trend line from June 05. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Top 3 Coins Price Prediction Bitcoin, Ethereum and Ripple: BTC/USD and XRP/USD lack healthy support levels – Confluence Detector FX Street 2 years Gold prices ease from $1,771.14, the highest levels since October 2012. Buyers await fresh clues to challenge the multi-year top. Optimism prevailed earlier amid hopes of further stimulus and no hardships for the US-China trade deal joined upbeat PMIs. Trade tensions are back in focus, virus woes offer background music. Gold prices step back from the multi-year high to near $1,770 amid the early Wednesday morning in Asia. The bullion seems to catch a breather as risk-negative headlines from China’s Global Times and the US State Department’s negative signals for Asian tire manufacturers suggest a renewal of global trade war.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.