19.05 - GOLD: The upbeat market mood might keep a lid on any runaway rally
- by George Solotarov
Gold quickly reversed an early European session dip to the $1726-25 region and now seemed to head back towards the top end of its daily trading range. The commodity was last seen trading with modest daily gains, just above the $1735 level.
Following the previous day's sharp intraday pullback from fresh multi-year tops, the commodity managed to regain some positive traction on Tuesday. The uptick was supported by worsening US-China relations, growing fears about the second wave of coronavirus infections, and some follow-through US dollar weakness, which tends to benefit the dollar-denominated commodity.