Despite just barely closing above it's April 30 price, gold has now had five consecutive months of positive gains, and the longest monthly streak since back in 2010.
Gold closed out the month of May at just under $1269, and successfully held onto both its 50 day, and 200 day moving averages. And with economic and geo-political events continuing to create turmoil in both currencies and the global markets, expectations for gold going higher are strong according to most fundamental and technical charts.
Gold has eked out its longest monthly winning streak since 2010 in May. The precious metal advanced 0.05 per cent for the month of May to $1,268.92 a troy ounce — its fifth consecutive monthly advance, a feat it last accomplished six-and-a-half-years ago.
Sentiment on gold was also lifted over the month as the US dollar weakened. Indeed, the dollar index, a gauge of the greenback against six peers, slid 2.1 per cent over the month. Weakness in the currency makes gold, which is dollar denominated, cheaper for foreign buyers.