Gold shed $5/oz overnight, ignoring the........>

GOLD: Gold shed $5/oz overnight, ignoring the global trade backdrop as the U.S.

Tsy confirmed that the prev. announced tariffs on China were scheduled to go

into effect at midnight ET, with U.S. President Trump noting that he is eyeing

up another $16bn in China tariffs in the coming weeks. Markets now await China's

response after the country's foreign minister hit out against the tariffs.

- Fresh 2018 & 7-month lows lacked follow through on Tuesday with an aggressive

bounce from below the long term rising trend line off of 2015 lows and ahead of

the key 200-WMA ($1233.8). Bears look for a close below the 200-WMA to confirm

breaks of key supports and initially target $1204.5. Bulls need a close above

$1262.7 to return pressure to $1273.5 where the 100-WMA is noted. Correcting

oversold studies are a concern for bears.