23-10-2018 04:00 PM
Gold continued moving higher through the mid-European session and speared to three-month tops in the last hour.
Over rising geopolitical worries supported safe-haven demand and assisted break through a one-week-old trading range.
The common US Dollar selling bias provided asupplementary boost to the dollar-denominated commodity and further collaborated to the incomplete positive momentum to the highest level since Oct. 17.
In the interim, the global flight to safety was apparent from a sharp drop in the US Treasury bond yields, which partly equalized Fed rate hike outlook and remained supportive of the strong bid tone surrounding gold.
Together with today's strong up-move, the commodity now seems to have established a bullish break through 100-day SMA and therefore, a follow-through bullish momentum, led by some fresh technical buying, now seems a distinct possibility.