Gold at the highs of the day

Gold at the highs of the day

Gold is trying to string together a fourth consecutive day of gains and is threatening a series of highs from July, August and September.

Those are all very close to $1830 with the high of $1833.65 on July 15. Should that break, it would end a long series of lower highs and signal a range break, with little standing in the way of a return to the May high of $1916.

As I detailed at the end of October, the seasonal winds are also a positive tailwind for gold. In the cross-asset space, Treasury yields are continuing to fall with 10s down 6.1 bps to 1.4358%.

Dovish comments from most global central bankers are also helping to keep the bid in gold.