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21 Apr 2014
Gold moving into neutral
FXStreet (Guatemala) - Gold is supported on $1,286 after dropping through the $1,300 mark when it marked lows on $1,284.
Gold started off with a strong performance jumping spiking through $1,300 with heightened tensions in Ukraine attracted some safe haven buying but that was short lived while the fundamentals are weighing on the yellow metals outlook. Markets are thin with holidays and trading volumes will be low until traders return to desks that will be digesting the recent developments in Ukraine. The price action leaves the levels in neutral territory currently within the July channel that’s caps Gold at $1,400 and bring sin support at $1,200.
Gold started off with a strong performance jumping spiking through $1,300 with heightened tensions in Ukraine attracted some safe haven buying but that was short lived while the fundamentals are weighing on the yellow metals outlook. Markets are thin with holidays and trading volumes will be low until traders return to desks that will be digesting the recent developments in Ukraine. The price action leaves the levels in neutral territory currently within the July channel that’s caps Gold at $1,400 and bring sin support at $1,200.