Gold buyers light up with potential seasonal tailwind on the horizon ...Middle East

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Gold buyers light up with potential seasonal tailwind on the horizon
The precious metal endured a poor start to the week but has recovered quite nicely since. The drop on Monday didn't even touch $2,600 before buyers stepped in around the 38.2 Fib retracement level of the rebound in the week before. That led to a bit of a tussle around the key hourly moving averages after. But today, buyers are finding renewed conviction in chasing a move higher:With the push higher today, we're seeing price action nudge back above both its 100 (red line) and 200-hour (blue line) moving averages. That suggests a more bullish near-term bias once again for gold.On the month itself, gold is down by just 3% now. And that sets up its biggest monthly drop since September last year.

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