Gold Bounces As U.S.-China Trade Talks On The Table
(Kitco News)- Gold continues to find buyers on expectations that thisweek's meeting with China on trade issues will ratchet back the escalation of afull-blown trade war. The currency crisis inTurkey also has seen some calming in rhetoric. As a result, the dollar has lost some ground as the safe-haven play and benefitted the commodity space. Traders are also watching for the developments in the Chinese tradetalks. Further deterioration may put the Fed on hold and Fed Chair Powell'scomments at Jackson Hole, Wyoming on Friday will be closely monitored to seewhat if any concerns the Fed may have, should the trade talks break down. This week, watching the twitter world willbe important because anything the President says in relation to China tradewill create volatility. We have our first resistance level of $1,182 behind us. Watch the $1,187 area for abreak to the $1,200 test, should China and the U.S. begin to show signs ofcivility towards trade policy.
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