Gold retreated to support at the 200 hour MA yesterday, as Russia held back from further military action in Ukraine, however the metal remains in an uptrend, with a series of higher highs and higher lows on the charts.
Equities rebounded strongly yesterday, pressuring gold whilst oil tumbled, however ignoring the "noise" of the Ukranian situation, the trend in gold is unmistakenly up. The dollar remains weak near 80 though equities appear to have finished their correction and are looking likely to progress further.
Support can be found at $1330-$1332, $1322, $1312-$1315, $1307, $1295-$1300, $1280, $1275, $1250-$1255, $1237-$1240, $1220-$1225, $1210, $1200 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to
$1000-$1050 in the short term, though this is looking increasingly unlikely.
Resistance can be found at $1340, $1350, $1360, $1377-$1380, $1395-$1400, $1420 and $1435. The breakout above $1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.
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Gold Remains In Uptrend As Ukraine Tensions Ease
Published 03/05/2014, 05:42 AM
Updated 07/09/2023, 06:31 AM
Gold Remains In Uptrend As Ukraine Tensions Ease
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