The 10-day moving average in Comex gold has now crossed above the 100-day, points out Charles Nedoss, senior market strategist with LaSalle Futures. With that, the 10-day is now above all of the most widely followed moving averages, which he describes as technically favorable for gold. For Comex August gold, the 10-day currently stands at $1,305 an ounce. The 20-day is at $1,280.60, the 50-day at $1,285.80, the 100-day at $1,302.30 and the 200-day at $1,289.30. “Plus, all of the moving averages are now gaining value,” Nedoss adds. “If you look at what got us here, a lot of it is geopolitical. And a lot of it too is more and more people starting to talk about the Fed being behind the eight-ball on inflation.” As of 10:30 a.m. EDT, August gold was $3.30 higher for the day to $1,320.30.