Gold Keeping Up With Gains

Gold has been rallying since mid-July this year as the US dollar has been depreciating. Market participants continue to flock to the safe haven asset amid global political uncertainty and geopolitical tensions caused by North Korea.

The precious metal reached a high $1,344 in the early trading hours today and is now trading slightly below that level at $1,340 with a low of $1,335. Almost a year high (last one was Sep 22), the $1,344 level will meet serious resistance if the geopolitical tension loosens up. First major resistance is spotted at $1,350 which would be a touch on the upper long term trend line starting from Gold's low point of $1,122 on Dec 22 last year.

Whatever the case may be, Gold is again showing signs of strength as hedge fund legends as Ray Dalio continue to point out that every investor needs to own Gold in such perilous times as these.

Chart: XAU/USD H4