GOLD PRICE DECLINES ON UPBEAT MARKET MOOD

• Gold price has fallen almost a percentage point lower on the back of improving risk sentiment. 
• Positive gains in Asia, strong US earnings and robust European GDP data have all helped boost sentiment. 
• Gold price may be unfolding a Measured Move price pattern lower on the charts.  

The Gold price (XAU/USD) trades lower by one percent on Tuesday, in the $2,310s at the time of writing, as a positive market mood dents safe-haven demand for the precious metal. 

Markets in Asia-Pacific closed on the whole in positive territory, with the Nikkie posting a 1.24% gain, Australia’s ASX200 up 0.35% and the Hang Seng rising 0.1% at the close. 

Although stock markets on mainland China edged lower to close in negative territory, this may have been on the back of traders booking profits ahead of the May 1 holiday after a run of up days. Indeed data out of China was on the whole positive, showing that the Caixin Chinese Manufacturing PMI hit a 14-month high in April, whilst in Europe, French and Spanish GDP growth beat estimates in the first quarter.