Gold glittered on Friday as anticipation grew ahead of Donald Trump’s press conference amid sizzling tensions between the United States and China.

Given how Trump said he will announce new policies on China after the country enforced a national security law for Hong Kong, things could get really messy, really quickly. Whatever the outcome of the pending news conference, it will certainly have an impact on Bullion prices which are heading for a second monthly gain.

Looking beyond the events of today, the medium to longer-term outlook for Gold remains influenced by conflicting market themes.

On one side of the spectrum, market optimism over economies reopening continues to foster hope that the worst could be over. This sense of positivity has the potential to boost appetite for risk at the expense of safe-haven assets. However, the encouraging mood will most likely be repeatedly challenged by renewed US-China trade tensions and lingering concerns around slowing global growth.

Expect Gold to remain highly sensitive to trade developments and global sentiment moving forward.

Taking a peek at the technicals, prices remain in a wide range on the daily and weekly charts with support at $1680 and resistance at $1760. A solid intraday break above $1730 could open a path towards $1760 which then opens the doors back towards $1800. Alternatively, a move back below $1710 could trigger a decline towards $1700 and $1680, respectively.

Is the rebound over for Oil?

The latest report from Energy Information Administration (EIA) suggests that Oil is in trouble and remains vulnerable to downside shocks.

Oil prices are set to weaken after the EIA reported a 7.9 million drawdown in crude inventories last week. With concerns already in the air over Russia easing up on supply cuts in July, and global growth fears rekindling concerns around anaemic demand, the outlook for Oil is not encouraging.

Looking at the technical picture, WTI Crude may struggle to appreciate towards $40 if oversupply and weak demand fears intensify. Weakness below $30 could pave a path back towards $27.50. Alternatively, a solid move above $35 could instigate a move towards $40.