The appreciation in gold prices closely tracked those of fellow safe-haven assets including the Swiss Franc and Japanese Yen following North Korea's missile test over the weekend. The test was the sixth to have been conducted by the communist regime since President Donald Trump assumed office last January and is widely reported to have been the most powerful yet. The recent escalation in geopolitical tensions has enabled gold to breakout out from the $1200 - $1300 range, inside which the precious metal had been trading over the past year. XAUUSD is currently perched around $1336 per troy ounce. A close above the most recent high at $1340 could see gold launch an attempt to scale $1350 which represents the strongest immediate resistance level on the upside.
Gold Touches 1-Year High
Daily Analysis - 05/09/2017