Daily Gold Report Geopolitics Pushing Gold Higher.

Gold futures grinded higher throughout the session as geo-political issues regarding the Trump administration and North Korea again have investors re-emerging on the long side of the market. June gold futures pushed above the 1260 level to settle at 1261.40, up $7.80 for the session. July silver futures saw huge gains gaining just shy of .40 cents to settle above 17.00 at 1719.0.June gold was able to push and settle above the 200 day moving average at 1255.0 It remains to be seen if technicians take notice ahead of some key economic data and testimony later this week. First, former FBI head James Comey is scheduled to testify in front of the House Intelligence Committee on Wednesday, while later in the day the FOMC minutes from the last Fed meeting are to be released. Both events could have major ramifications for the equities and the dollar going forward.As of May 16th, non-reportable and non commercials held a net long in gold at 138,166 contracts. For silver, the long position was put at 58, 631 contracts. This illustrates the massive withdrawal we have in price for both metals as both metals had significant higher long positions in the market. This number may be understated now given the data was counted as of the 16th. To keep going, gold and silver will need catalysts to move higher. Despite the dollar being weak, equities remain bid where last weeks gaps were filled to the upside. Gold would benefit most from positive demand news aside from safe haven buying.One story that could aid gold demand is the anticipation of the Indian government reducing import duties on gold purchases by its citizens and jewelers. Such a move could be a market mover as India, considered to be the number one buyer of gold in the world, could alter market psychology as far as demand is concerned ahead of Indian wedding season late summer/fall.