Gold runs into some near-term consolidation after backing away from $3,500 ...Middle East

As things stand, price is stuck in between its key hourly moving averages. The 100-hour moving average (red line) is helping to limit upside movement while the 200-hour moving average (blue line) is limiting downside movement. That keeps a more neutral near-term bias in gold until one of the above levels give way.

That might be what is keeping gold buyers interested. Not to mention, strong bids during Asia timing for the most part this week.

In the bigger picture, the latest setback hardly puts a dent in the bullish run in gold so far this year. The precious metal is still up 26% year-to-date. And unless Trump is willing to take a step back in the tariffs war, the underlying demand for gold will be hard to put down for now.

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

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