Gold is faring a little better today, sitting near flat levels after Friday losses

Gold H1 14-10

The downside move on Friday wasn't as profound as sellers would've hoped as it failed to take out support just under the $1,480 level and buyers are trying to work their way back towards the $1,500 handle currently.

The putting off of escalation in the trade war is certainly welcome news for risk assets but the lack of substantive progress - in my view - will continue to allow gold to find some tailwind in the bigger picture.

As it stands, sellers are still in near-term control for gold as buyers need to drive price back above $1,500 to feel more comfortable about chasing a break higher.

In my view, the temporary reprieve may lend to some choppiness in gold in the short-term but the chart tells us that patience is key in chasing the next big move in gold:

Gold D1 14-10

There's a noticeable wedge being formed right now and I reckon the next big trade for bullion would be to go with a break on either side.