Gold posts a solid gain but there are challenges ...Middle East

The chart looks a tad dangerous with a series of lower highs but you could equally argue that a period of consolidation is overdue after a long runup from $1700, with only a short pause at $2600.

What I'm most impressed by is the gold has generated some recent upward momentum at a time when trade tensions are falling. The unwind of the Liberation Day move in equities initially hit gold too but it stabilized in mid-May and is now just $125 from the all-time high.

A wild card at the moment is Russia and how it will respond to Ukraine. Is a tactical nuclear weapon out of the question?

This article was written by Adam Button at www.forexlive.com.

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