Gold runs up towards next technical hurdle as geopolitical tensions persist

<p>We're seeing the high today hit near $1,982 before easing back to $1,978 on the day, still up 0.2% currently. That sees gold now move close to testing the June and July highs around $1,983-87 and that represents the next key technical hurdle before we get to the $2,000 mark.</p><p>The lows earlier this month coincided with the 200-week moving average for gold, before the Israel-Hamas conflict triggered a sharp reversal in price action that even broke back above the 100 (red line) and 200-day (blue line) moving averages this week.</p><p>And the most resilient thing about gold right now is that it is still largely gaining against the backdrop of surging Treasury yields. Typically, that has been a key negative factor for gold and more so if you think about the notion of 5% yields in 10-year Treasuries.</p><p>As the weekend approaches and the geopolitical tensions continue to persist, it looks like gold might just stay underpinned once more – similar to last weekend. And so let's see what sort of technical hurdles will buyers be able to crack this time around.</p>

This article was written by Justin Low at www.forexlive.com.