Gold had a solid end to August last week, posting over 2% gains. That comes after a test of its 100-day moving average, with buyers continuing to hold the line and the upside momentum since last year. But as we get into the new week, there is renewed vigour to the gold buying after months of consolidation.
The push higher today sees gold come up to its highest since the end of April, where the upside move stalled after clipping the $3,500 mark.
Amid the US tariffs quagmire we're seeing over the weekend, it continues to underscore why gold is such a hot commodity in times like these. The constant bout of uncertainty surrounding US policies and the incoherent manner of how things are delivered hasn't helped with dollar sentiment whatsoever this year.
And with Trump also threatening the Fed's independence, the preference to stick with the dollar and US assets generally just isn't there. In turn, that is helping to see the likes of gold shine even brighter amid other factors such as central bank buying and with it being a solid hedge against potential stagflation risks.
Looking at the chart above, the April high at $3,500 is the big one to watch now. A break there will open up the floodgates for further gains after having trended more sideways in the past three months or so.
This article was written by Justin Low at investinglive.com.Hence then, the article about gold eyes upside break to kick start september trading was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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