Gold pushing higher

Gold has had a positive start to the day, coming close to breaking through $2,780. This takes it back above Friday’s close, so making back all of Monday’s losses and more. Today’s gains have come despite a rally in the US dollar, something that can create a headwind for gold prices. Gold is just over $10 away from its all-time high of $2,790 hit at the end of October. The daily MACD has flattened out a touch but still suggests that momentum remains to the upside. However, it is getting close to ‘overbought’ levels which means bulls should exercise some caution. The big question remains whether gold can make a fresh record high on its current upside run, or if there’s a pull-back first. Silver is looking perkier this morning, having traded above $31 per ounce for the first time in nearly seven weeks. Its daily MACD is pointing higher, having recently broken above neutral levels. That’s all positive. But to get potential buyers really interested, silver needs to break back above, and then hold, the $32 level.