Gold moves to the highs for the day and is up by nearly 0.5%
- Gold climbs to a fresh seven-year high on US dollar weakness
- Gold trades to its highest level since 2012
The softer dollar in trading yesterday contributed to a more bullish breakout in gold as price climbed to a fresh high since 2012 and buyers stuck with it into the close and are continuing to push the agenda in the new day.
Although the dollar is faring better today, the mood in gold is largely focused on the technical side of things now and the bullish breakout since then is seeing little resistance all the way through closer towards the $1,800 level next.
The only threat for gold is if we see a selloff later in the day - for whatever reason - to close back under the 18 May high @ $1,765.43.
Otherwise, the more bullish technical breakout here should see gold at least rise back above $1,790 and come close to testing $1,800 in the sessions ahead.
