Gold Futures Attempt To Close Over $1300 Again

December Gold futures are trading higher by $5.00 at $1297.00 in Friday's session.

For the sixth day in a row, it's attempting to close over the psychological resistance level of $1300.00 and embark on another leg higher. That level equates to $123.00 in the SPDR Gold Trust (ETF) GLD.

The current high for the move was made on August 18, when it peaked at $1306.90, but weakened to end that session at $1291.60. Today marks the only other time it has crossed $1300, as $1301.40 stands as the higher for the session.

The highest close for the recent rally was made on August 21 at $1296.70, which is very close to the current price of the contract.