Gold keeps pushing higher, $1,300 on sight

Pablo Piovano FXStreet

The ounce troy of the precious metal keeps the strong performance at the end of the week, currently advancing to fresh tops just below the critical $1,300 mark.

Gold bid on geopolitical concerns

Bullion is up for the third consecutive session so far today, testing 2-month peaks in levels just shy of the critical barrier at $1,300 the figure, always on the back of heightened concerns over the so far verbal threats between US and North Korea.

Gold managed to advance despite the better tone around the greenback, and is now eyeing 2017 tops around $1,298 seen in early June. In the meantime, the US Dollar Index stays on the upper end of the recent range in the mid-93.00s, shrugging off yesterday’s dovish tone from NY Fed W.Dudley and lower-than-expected US producer prices.

Ahead in the session, US CPI results will grab all the attention seconded by speeches by Dallas Fed R.Kaplan (voter, hawkish) and Minneapolis Fed N.Kashkari (voter, dovish).

Gold key levels

As of writing Gold is up 0.23% at $1,293.30 and breakout of $1,294.60 (high Aug.11) would expose $1,297.40 (high Apr.14) and then $1,298.80 (2017 high Jun.6). On the other hand, the immediate support lines up at $1,280.30 (low Aug.10) followed by $1,276.00 (10-day sma) and finally $1,262.59 (61.8% Fibo of the June-July drop).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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