Gold is up by 0.82% on the day

Commodities in general are seeing some decent gains so far in trading today, as the boost from equities (risk sentiment) combined with dollar weakness is making for a good session heading into European trading.

Looking at the chart, gold remains supported by the upward trendline that stretches all the way back to December and looks set for a retest of this year's highs near $1,360 levels.

The greenback continues to suffer on the day as EUR/USD and GBP/USD just touched session highs of 1.2334 and 1.4028 respectively.

And this is allowing for other commodities to strengthen further as well, with silver up by 1.26%, WTI up by 0.30%, Brent up by 0.19%. Iron ore futures are also trading higher, and that is continuing to give a boost to commodity currencies like the aussie.

In the FX space, the only other currency that hasn't really reacted much to the dollar's weakness in the loonie. USD/CAD is now at 1.2621 - lower by only 0.09% as the Canadian dollar's under-performance this year continues to show.