GOLD: April Gold futures surged to a four-month high as the military action by Russia against the Ukraine boosted demand for the precious metal as a safe haven asset. The rally through the last swing top at $1345.60 reaffirmed the main trend on the daily chart while creating a new swing bottom at $1319.30. A trade through this level will turn the main trend to up. Some traders feel the rally in gold is just a knee-jerk reaction to the occupation of Crimea by the Russian army and that it is not likely to last. This may be the case, but no one can predict at this time how long the occupation is going to last. At the same time, some of the buying may be related to hedging because of the possibility of a break in the equity indices.In a 4 hour session , the gold price is1338.31 while the RSI is at 50.4148 indicating a market is moving towards to neutral region. On the other hand, Stochastic Oscillator is at 58.855 showing that Gold is in neutral region. s.K
Posted on: Tue, 04 Mar 2014 08:08:33 +0000
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