Gold rose at the beginning of the European session and is currently at the top of the daily trading range, around $1,495. After falling to the level of $1483 at the beginning of the new week, the precious metal managed to return to growth, due to which gold managed to rebound from weekly lows. The fact that the United States and China closed an interim trade deal on Friday had a big impact on investors' appetite for riskier assets, which ultimately led to the loss of safe haven assets, including gold. However, trade optimism quickly faded away, which instantly reflected on world markets. The rise in the value of gold is gaining momentum amid a recovery in demand for safe assets. A slight worsening of sentiment regarding global risk was enough, this was one of the key factors underlying the rise in prices for precious metals.
Nevertheless, this jump did not have enough momentum amid strong growth in demand for the dollar, which tends to put pressure on goods denominated in dollars, such as gold. Now it remains to be seen whether gold can "develop" the received positive impulse or face some new resistance at higher levels amid the absence of other growth drivers. In any case, caution will not hurt in this situation, while you should refrain from any aggressive actions.
