* 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 was up 0.2% at $1,492.04 per ounce as of 1122 GMT. U.S. gold futures 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.
Elsewhere, silver rose 1% to $17.72 per ounce, and platinum was up 0.6% to $894.45.
Meanwhile, palladium 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.” (Reporting by Sumita Layek in Bengaluru. Editing by Jane Merriman and Uttaresh.V)