Gold sinks $12 to erase weekly gain
Gold down 0.9%
Gold is trading as a close proxy for the risk trade and central bank easing. With today's rebound in risk appetite, gold is backing off.
It's down $11.30 to $1285 and that wipes out Monday's similarly-sized gain to leave gold flat for the week. Importantly, the failure to break higher solidifies a trend of lower highs on the chart since mid-February.
The big question is whether the Federal Reserve will have to ease. That will largely depend on how the trade war plays out.
At the same time, some of the latest underlying data has been better and expectations for growth are picking up in Europe and the Americas.