Gold ease but doubts on trade truce provide support

Gold inched higher on Friday supported by doubts that meeting between Trump and Xi will ease trade tensions. Xi made a list of preconditions in order to discuss their trade dispute, however, earlier White House economic adviser, Kudlow said Trump has agreed to no preconditions for his meeting with Xi reiterating that he didn't promise to pullback from imposing tariffs on remaining Chinese imports. Saturday will provide more cues on trade negotiations and the market will allocate their funds according to that. Buying of gold indicate cautious investors' position protecting over uncertainty. We can expect the price to retrace to 38.2% Fibonacci around 1375 and meet 50 MA along the way.