Gold Price Remains Weak…

March 5, 2014 by

5/3/14 (12.45pm) Yesterday Gold touched the $1354 resistance level and pushed down to meet support at $1332 as safe haven buying of gold waned after concerns of military warfare by Russia in Ukraine eased as Putin said he would use force in Ukraine only as a last option. Hence investors moved back to equities after the announcement by Russia pushing Gold prices further down. This morning Gold is trading flat as markets return to normal trading at $1337.40. Nonetheless we still see a major amount of support down at the $1320 level and as a result we are bullish of this market. We recognize that a daily close above the $1360 level is in fact a long-term buy signal where a clear violation may trigger additional advancements towards the next hurdle at $1370. Currently though we are simply looking for some type of supportive candle in order to go long.

xauusddaily 5th march 2014