23 Apr 2014
Gold bounces at 1,280; recovery doesn't seem strong
FXStreet (San Francisco) - The Gold declined $9 from 1,289 in the early American morning to find support at 1,280 level where the XAU/USD bounced to make a shy attempt to recover ground; however, the yellow metal hasn't been able to go above 1,285.
Gold is currently pricing at 1,284, 0.25% positive on the day. Further falls below daily low should lead to a test Tuesday's minimum of 1,276 and next short term support around $1263/oz.
Nevertheless, Valeria Bednarik from FXStreet warns that “escalating tensions in Russia and Ukraine may finally blast into runs to safety, and gold seems a pretty nice option: in that case, a run above $1,300 may extend up to $1390 area and even challenge this year high."
Gold is currently pricing at 1,284, 0.25% positive on the day. Further falls below daily low should lead to a test Tuesday's minimum of 1,276 and next short term support around $1263/oz.
Nevertheless, Valeria Bednarik from FXStreet warns that “escalating tensions in Russia and Ukraine may finally blast into runs to safety, and gold seems a pretty nice option: in that case, a run above $1,300 may extend up to $1390 area and even challenge this year high."