A quick surge higher sees gold move past $1,350
Bullion takes out the highs for the year and is running stops above $1,350 as price looks to break out to test the highs of last year again. Gold has been on a tear in recent weeks as global central banks grow increasingly dovish amid global trade tensions, which has helped to reestablish the allure in the commodity as a safe haven.
With the break higher here and the backdrop of major central banks starting to send more dovish signals, it's hard to argue that gold's gains will top out near last year's highs around $1,357 to $1,365. If the Fed is going to follow through on rate cuts with more to come, gold will easily stand out as one of the best performers this year.
It's something I've been arguing for since the start of the month here and here. And by the looks of it, $1,400 is a distinct possibility should things continue to fall into place for gold.
