Gold prices were subdued as equity markets scaled record highs on optimism that the bitter U.S.-China trade war will be resolved soon, while investors awaited U.S. growth data for more cues on the economy’s health.
Technical Resistance: 1485/1505
Technical support: 1459/1430
Trump says trade deal with China to be signed ‘very shortly’
President Donald Trump on Saturday said the United States and China would “very shortly” sign their so-called Phase One trade pact. “We just achieved a breakthrough on the trade deal and we will be signing it very shortly,” Trump said at a Turning Point USA event in Florida.
U.S. consumers put economy on moderate growth path in third quarter
U.S. economic growth nudged up in the third quarter and the economy appears to have maintained the moderate pace of expansion as the year ended, supported by a strong labor market. Gross domestic product increased at a 2.1% annualized rate, the Commerce Department said in its third estimate of third-quarter GDP. That was unrevised from November’s estimate. The economy grew at a 2.0% pace in the April-June period.
Canadian retail sales decline revives Bank of Canada rate cut bets
Canadian retail sales plummeted unexpectedly in October, the latest in a series of disappointing economic data releases that analysts say could force the Bank of Canada to consider a rate cut. Statistics Canada said on Friday that retail trade dropped by 1.2% on lower sales of motor vehicles and parts.
Source: Bloomberg, CNBC, Reuters