Our take from the overnight headlines is that both the US and China are maintaining their hardline stances ahead of this weekend's meeting and therefore the odds of anything more than a simple delay in tariffs are very low.

In fact given the Chinese stories overnight suggesting the US President is facing political pressure and suggesting that China could hold out longer than the US would seem to discount progress and therefore increase the chance of dollar support for gold and further economic uncertainty buying of gold.

In fact the Chinese President has complained again about the US bullying and President Trump finished his comments on the upcoming trade meeting with another promised to invoke another tranche of tariffs if he is disappointed with the "progress".

Another minor geopolitical support for gold came from the UK where there is talk of preparing an emergency budget for a no deal exit.

Also helping gold overnight is an upward short-term price target adjustment by UBS with a net addition to that targeting of $50 and a target of $1430 (cash) which is effectively $50 above this morning's price.

According to Bloomberg Exchange Traded funds added 70,951 ounces of gold to their holdings yesterday bringing this year's net purchases up to 2.96 million ounces and extending the chain of purchases to 12th trading session.

We also suspect that the party line at from the G 20 meeting will be all about easing and stimulating the global economy and that should provide lift to gold.

In perusing today's US scheduled data it would not appear as if the numbers are set to drive gold and silver prices without some very surprising results.

Traders should also watch the September dollar index as a decline in the dollar below 95.56 could be cause for gold to return to its overnight high up around $1427.

While we suspect that volatility will remain low as the outcome of the trade meeting will remain unknown, we suspect that a fresh trend decision will be seen from the G20 meeting but that Sunday's night action will be the main event as the results of the trade meeting will set mentality for the coming week.

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Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Financial Services LLC, unless otherwise expressly noted.