China needs the deal for economic reasons, while at this stage the US needs it for political ones. They both may never get a comprehensive one.
For now, central banks' liquidity support, starting with the US Federal Reserve, have underpinned valuations in this low-yield environment
The biggest risk to rising precious metal prices is the potential that a major trade deal between the US and China will reduce expectations for how much US rates will have to fall.
The conclusion drawn from last week's economic data releases is that the US economy is showing signs of a slowdown, but not enough to fall into an imminent recession.