Gold keeps the push higher after another round of bids in Asia

It has been a bit of a recurring theme in the past few weeks, as noted before here. And today, we are once again seeing gold push up after another round of bids earlier in Asia trading. On the week itself, the precious metal is finding itself in a good position as price climbs back above the $3,000 mark as well as its key hourly moving averages. That puts the near-term bias in a more bullish spot once again.

In the bigger picture, it’s still hard to pin down gold considering the broader market and economic landscape.

Trump tariffs continue to threaten financial dislocations with regards to the dollar, and recent revaluation talk among Asian currencies are only fueling the fire here. Then, you have heightened uncertainty with regards to the global economy and inflation. So, all of that together is continuing to make a case for gold to stay underpinned.

That is not to mention ETFs having to play catch up and also central banks still buying up supply too.

For today, there is some short-term resistance around $3,367-70 to get through before potentially talking about a return towards $3,500.

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