The price of gold experienced a modest uptick during early US trading hours on Nov. 13 with December futures rising to $1,465 per ounce. The yellow metal is staging a recovery hitting its three-month bottom.
As reported by The Financial Times, US President Donald Trump claimed that tariffs on Chinese goods could be raised "substantially" if the US and China do not reach a deal after that would end the long-lasting trade conflict. Trump throwing cold water on the possible truce raised safe-haven demand for gold while US stock indices point out to a lower opening after printing new highs.
That said, Peter Schiff's darling is still down significantly after the brutal sell-off that pushed the price of gold below the $1,480 mark earlier this week.
Trump might further fuel the growth of gold prices by shredding the US Federal Reserve. Market analyst Jim Wyckoff reports that Jerome Powell is expected to deliver his congressional testimony on the current state of the US economy as early as today, which will almost certainly trigger more scathing comments from Trump.
At the same time, Trump mentioned that the US was inching closer to inking the so-called "phase one" deal with China. This could trigger another stock rally while dragging the shiny metal below the crucial $1410 support. Wyckoff claims that gold bears still have a "near-term" technical advantage.