Gold pushes on once more
Risk continues to be out of favour, and so gold is pushing on again. Even though intraday charts are overbought, a breakout above $1175 seems to be on the way.
It might still pay to wait for a more sustained dip, with a big gap before the price gets to the 50-hour simple moving average at $1156. With daily charts so overextended as well, the risk is now of a significant unwinding, with a drop back towards $1135 in prospect.