Gold prices are holding steady above the 50-day and 100-day moving averages as well as critical support sitting at $1218.

This morning, the U.S. dollar traded slightly lower to a critical support level at 95.90 before recovering, gathering steam, and moving to much higher ground.

Once again, the U.S Dollar index is the main driving force taking precious metals to higher pricing. Today’s $2.70 upside tick in gold was almost entirely due to the declining U.S dollar which has been the story for the past four days.