XAU/USD stabilizes ahead of key US-China trade talks, with safe-haven demand and Treasury yields influencing price action.
Gold (XAU/USD) traded sideways near $4,700 on Thursday as investors awaited the outcome of a high-stakes meeting between US President Donald Trump and Chinese leader Xi Jinping in Beijing. The metal showed little movement amid a calm market session, with traders hesitant to take strong positions before the summit’s conclusion.
The precious metal recovered from last week’s lows near $4,500 but remains in a consolidation phase. Technical indicators suggest a neutral bias, with the 4-hour RSI near 50 and the MACD contracting, signaling reduced downward pressure. Support holds at $4,640, while resistance looms at recent highs.
Safe-haven flows and higher US Treasury yields, driven by hot inflation data, provided some support to the USD. However, uncertainty over the Iran ceasefire and oil price volatility added to market caution ahead of the Trump-Xi talks.