Gold ticks above the April high
The April-May retracement in gold has been erased. The broad rally in safe haven assets has pushed it to the best levels since election night.
The high just hit was $1296.22, just above the April high of $1295.61.
Despite the break, challenges remain for the gold bugs. The $1300 level is a big one, followed by the November intraday highs near $1309 and the election night spike to $1337.51.
The factors driving gold are:
- Flight to safety
- UK election worries
- Terror worries
- US dollar weakness
- Expectations the Fed will hike but deliver a dovish message
- Comey on Thursday
