Enrich-Gold

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.

   
 
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