PRECIOUS-Gold steady as markets seek clarity on Brexit, U.S-China trade talks

* Gold specs cut bullish positions in week to Oct. 15
* First support level for bullion at $1,477/oz- analyst

(Updates prices)
By Sumita Layek
Oct 21 (Reuters) - Gold prices were steady on Monday,
holding in a narrow range, as traders awaited more clarity on
Brexit and U.S.-China trade ties.
Spot gold XAU= was up 0.2% at $1,492.04 per ounce as of
1122 GMT. U.S. gold futures GCcv1 rose 0.1% at 1,495.50.
British Prime Minister Boris Johnson sent an unsigned letter
to the European Union on Saturday requesting a delay to Brexit,
after a defeat in parliament over the sequencing of the
ratification of his EU divorce deal. Johnson will again try to put his Brexit deal to a vote in
parliament on Monday.
"There was nothing massively surprising, there was always a
doubt that the deal was not going to be passed... if we start to
move towards a no-deal, then we can potentially see a knock on
effect in terms of safe haven moves, but a possible extension
for the deal reduces the chance for a no-deal Brexit," Craig
Erlam, OANDA senior market analyst, said.
Market participants are also awaiting further developments
in the U.S.-China trade talks and the U.S. Federal Reserve
meeting at the end of the month for further cues on monetary
policy easing.
"Investors, after switching to gold (in) some of their
portfolio in the last few months, are now waiting for new market
movers, potentially from developments in the trade war and from
the monetary policy that will be put in place by the Fed and the
ECB," ActivTrades chief analyst Carlo Alberto De Casa said in a
note.
Technically, "we will have a first positive signal with a
new recovery to $1,500, while the first support is now placed at
$1,477, which is the bottom reached last week, followed by
$1,460."
Hedge funds and money managers cut their bullish positions
in COMEX gold and silver contracts in the week to Oct. 15, data
showed on Friday. CFTC/
Elsewhere, silver XAG= rose 1% to $17.72 per ounce, and
platinum XPT= was up 0.6% to $894.45.
Meanwhile, palladium XPD= gained 0.6% to $1,764.91 an
ounce, having hit an all-time high of $1,783.21 on Thursday.
"Sell rates for palladium reached the highest level since
January. This suggests the recent rally has been driven by
fundamentals, rather than speculative interest," ANZ Bank said
in a note.
"And with the market likely to remain tight for the
foreseeable future, we believe there is plenty more upside for
(palladium) prices."