By Barani Krishnan

Investing.com: Is Gold finally poised for a Breakthrough?

This appears to be the case, as yellow metal settles at September highs close to $1,830/ounce for the third straight day.

What’s more, this came as Treasury yields actually rose — typically a negative for gold — although a weaker dollar actually proved supportive for bullion.

The question is: Can the momentum last despite the resistance?

“The first-off resistance is $1,835 and that needs to be cleared convincingly,” said Phillip Streible, precious metals strategist at Blue Line Futures in Chicago. “I’m advising my clients to go into options to avoid getting parlayed on the futures. I’m going to need a two-day close of $1,840 and above to tell them to buy.”

U.S. gold futures’ most active contract, , settled up $11.20, or 0.6%, at $1,828 an ounce.

The December gold price has increased by just more than $64 or 3.6% since Thursday’s close in red.

While gold is supposed to be a hedge against inflation, it has barely lived up to that billing over the past year as incessant speculation that the Federal Reserve will be forced in a faster-than-expected rate hike had sent Treasury yields and the dollar rallying, at bullion’s expense.

This trend has slowed down over the last week, after Fed Chair Jay Powell stated for the umpteenth consecutive time that any rate increase will not come before the middle 2022. Most likely it will happen towards the end of 2019.