Gold keeps pushing higher, $1,300 on sight

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).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.