For the first time in more than six years, gold broke through a key level. Gold surged on Friday due to the geopolitical tensions stemming from the Middle East after the U.S. took out Iran’s top military leader.

During early trading in the early Asian markets, the gold price continued even higher, reaching $1,579.

This morning, gold is trading at the $1,575 level. It will be interesting to see if gold closes at the end of the day near its high or a low. The key resistance level is $1,550, which gold surpassed by $25.

Here is gold’s monthly chart below (each candlestick represents one month of trading).

If you look at the “Larger View” insert, I have superimposed the candlestick breaking through the Key level.

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