Gold slipped on constructive US- China trade talks

Gold prices opened this week on a bearish note, slipping towards $3258 mark after US-China trade talk proved to be progressive towards resolving the ongoing conflict between the world's two largest economies. According to the US Treasury Secretary Scott Bessent, US-China trade negotiations held over the weekend in Geneva, resulted in substantial progress which would help de-escalate the tensions between the two countries and soother market jitters.
With the possibility of US cutting down China tariffs from 145% to 80%, the yellow metal was hurt by growing optimism of the market participants as demand for the safe-haven asset faded.
Adding to the pressure, the US Dollar gained traction against its peers after the two nations reached a deal. Investors will be closely awaiting the upcoming CPI and PPI numbers which could act as a catalyst in Gold's price movement. 

XAU/USD TECHNICAL OVERVIEW 

Technical Structure: On the weekly chart of Gold, a Bullish Pinbar Candlestick has emerged, indicating that the sellers failed to push the prices lower. However, the Daily chart suggests otherwise as the price made a Gap Down Opening, reflecting negative market sentiment. Formation of a Hammer candlestick on 4-Hour chart, signals a temporary shift from the downtrend. The 1-Hour timeframe showcases Consolidation in prices, hinting at a momentum buildup before a substantial move either on the upside or downside. 

Intraday Trend/ Intraday Strategy: The intraday bias remains Bearish and favours the approach of Selling on Rise and Selling on Support Breakdown. 

Weekly Trend: Neutral

Major Support: 3271, 3259, 3247
Major Resistance: 3288, 3299, 3313