Gold extends gains to above $2,660

Gold has pushed higher to test a technical level this morning. That is the 50 day moving average and it is in place this morning at 2,661.00. Gold did briefly test this level yesterday when the moving average was in place lower down. However, this moving average is rising each day and that explains the elevated level this morning. Gold had closed in the US last night at $2,650.60. The range seen so far this morning has been covered by $2,649.01 to $2,661.63. So, as you can see, the metal has not yet made a decisive move above this technical level. Over and above that, the slight push lower in US yields and lower USD/JPY today have helped to lift gold. The current geopolitical situation is also a supporting factor right now too. Gold is currently trading at $2,659.90