GOLD JUMPS TO SESSION TOPS, AROUND $1570 REGION
7 January 2020, 10:05
Gold regains traction after Iran hints at retaliation.Overbought conditions might cap any further gains.Traders now eye US ISM PMI for a fresh impetus.
Gold reversed an Asian session dip to the $1555 region and jumped to fresh session tops, around the $1570 area in the last hour.
The precious metal lost some traction on Monday and eased from the highest level in more than six years – touched in the knee-jerk reaction to heightened geopolitical tensions in the Middle East.
US-Iran tensions continue to support gold
The market mood calmed a bit in the absence of any fresh threats from the US or Iran and led to a slight improvement in the risk sentiment, which eventually weighed on the commodity's safe-haven status.
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