Gold prices rose on Thursday as investors remained concerned about the imminence of a trade deal between the United States and China, while a slip in riskier assets and the U.S. currency further supported the metal.
Technical Resistance: 1472/1496
Technical support: 1440/1400
Conflicting assessments of progress in talks between the United States and China
China’s commerce ministry said that the two countries are holding “in-depth” discussions on a first phase trade agreement, and that cancelling tariffs is an important condition to reaching a deal.
China lifted a 5-year ban on U.S. poultry imports
China has also ended a nearly five-year ban on imports of U.S. poultry meat, which the U.S. Trade Representative said would lead to more than $1 billion in annual shipments to China.
German economy narrowly escapes recession in third quarter
The German economy narrowly avoided an expected slip into recession in the third quarter as consumers, state spending and construction drove a 0.1% quarterly expansion in Europe’s largest economy.
Hong Kong to unveil depth of recession amid protests
Hong Kong is expected to confirm on Friday it plunged into recession for the first time in a decade, amid concerns the economy could be in even worse shape than feared as months of anti-government protests take a heavy toll. Preliminary figures in October showed the Chinese-ruled city’s economy shrank by 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession.
Source: Bloomberg, CNBC, Reuters