PRECIOUS-Gold edges down as market turns optimistic on trade negotiations

* Trump to speak at the Economic Club of New York later in
the day
* Spot gold to be in range of $1,417-$1,440/oz - technical
analyst

(Recasts, adds comments; updates prices)
By Diptendu Lahiri
Nov 12 (Reuters) - Gold edged down on Tuesday, ahead of U.S.
President Donald Trump's speech at the Economic Club of New York
with investors hoping for positive commentary around China trade
talks.
Spot gold XAU= fell 0.3% to $1,451.89 per ounce at 0712
GMT, while U.S. gold futures GCv1 were down 0.4% at $1,451.40
per ounce.
"Investors are expecting constructive news from Trump after
he said trade talks with China were moving along very nicely and
as the time for the speech is approaching closer it is impacting
gold negatively," said Argonaut Securities analyst Helen Lau.
Trump's lunchtime address at the club will be closely
watched by investors anxious for any positive news about his
administration's long-running trade war with China. Further weighing on the non-yielding bullion, Asian share
markets edged higher as investors await the address by Trump,
while a slightly higher dollar index .DXY against rival
currencies also played its part. MKTS/GLOB USD/
The months-long trade dispute has roiled financial markets
and sparked fears of a global economic slowdown, pushing the
precious metal, which is considered a safe asset in times of
political and economic uncertainty, more than 13% higher this
year.
The United States and China had agreed to roll back tariffs
on each others' goods as part of the first phase of a trade
deal, but Trump denied any such agreement over the weekend.
"New developments in the U.S.-China trade war or any data
that point towards inflation rate element will impact gold
prices," said Nicholas Frappell, global general manager at ABC
Bullion.
Last week Chicago Federal Reserve President Charles Evans
said that the U.S. economy is in a good place but the path of
inflation will be important in deciding the future path of
interest rates. Spot gold may break a support at $1,455 per ounce and fall
into the range of $1,417-$1,440, according to Wang Tao, Reuters
market analyst for commodities and energy technicals. TECH/C
Meanwhile, in Hong Kong police shot and critically wounded a
protester and a man was set on fire on Monday in violence that
prompted leader Carrie Lam to denounce "enemies of the people"
and drew a chilling warning from a senior Chinese newspaper
editor. The events were an escalation in pro-democracy unrest in the
Chinese-ruled territory that has lasted five months.
Elsewhere, palladium XPD= inched up 0.5% to $1,696.07 per
ounce, having touched its lowest since Oct. 10 in the previous
session.
Platinum XPT= edged up 0.4% to $879.15 per ounce, while
silver XAG= fell 0.2% to $16.83 per ounce.