Bears are trying again to pull down bullion, with the price that is testing another time the support level of $1,550. If gold falls below this level, it would be a negative signal, opening space for further declines, at least in the short term, as a significant number of stop-losses and profit-taking measures are placed just below this level.
It is clear that the slowing down of tensions between the US and Iran and expectation for a positive closure of trade deal phase one between US and China are reducing the attractiveness of safe havens in the short term, as investors are seeing less risk on the markets.
