Gold tracks lower as markets begin to grow more hopeful again
Gold is down 0.4% under $1,450 currently
Hope springs eternal.
Stocks and bond yields are beginning to climb higher in early trades, with US futures now up by ~0.2% and Treasury yields also sitting higher across the curve.
In turn, that is putting added pressure on gold as price tracks below the $1,450 level after a break below the daily support @ $1,459.14 in overnight trading.
Sellers remain in near-term control and the break of the support level above now puts to test the swing region support around $1,437 to $1,450.
US-China trade talks remain the key factor driving risk sentiment but there hasn't been much to work with over the past two days.
But as has been the case in the past, markets are less flustered by the silence and hopeful optimism is slowly creeping in.
I'd be cautious of the move here if it extends further, because as mentioned previously, the risk in US-China trade talks is more heavily skewed towards the downside now - in the event that a deal cannot be forged before the end of the year.