Gold is up by another 0.6% today
The run higher is fueled by some weakness in the dollar but also as flows are starting to move towards haven assets, in particular bonds. Global bond yields are falling today and that's feeding into gold gains as well with price now breaking above swing region resistance around the $1,326 level.
A firm break will help to open up a move back towards retesting the year's highs @ $1,346.80 and that will be the next key resistance level to watch. Essentially, gold is still riding on the back of the same reasoning that we had at the start of the week as pointed out here.
Powell's remarks overnight will no doubt give more reason to believe that there is room for gold to run higher but if the Fed starts dropping clearer hints of cutting rates in the future (as the US and global economy worsens), I reckon gold could be one of the standout performers in markets this year.
