Gold erases losses
Gold is a great barometer of the US-China trade and the risk trade.
The upbeat mood was weighing on gold early in the day but a headline saying the mood in talks had soured flipped the script. Gold was at the lows of the day at $1454 when the headlines hit and that kicked off a reversal that's stretched to $1472.
Looking at the chart, the rebound highlights support around $1450. That was the mid-July high and around last week's low.
Ultimately, the path of gold depends on trade talks. If they break down, the sky is the limit and there is also a seasonal tailwind from Dec-Feb.
