As I write this analysis, Gold is up by around $20 on the Ukraine crisis. I have always maintained that Gold is a buy on dips with $1180 – $1190 as bottom end support. If the Ukraine crisis were to extend, you could see Gold rise above $1400 as well.
Always remember, markets hate uncertainty, and war/violent conflicts make the markets nosedive which is when investors clamor for Gold.
Strong break out and close above $1360 and we can see $1420 at least. Given the current turmoil, this looks pretty likely.
Gold looks bullish on Daily, Weekly and Monthly charts. On the downside $1310 looks like a decent support where buying can emerge should it go there.
As usual, the market will decide it’s course of action. All we need to do is follow what it does.
Gold trading levels for this week are as follows
Buy Above 1342 Tgt 1 – 1352, Tgt 2 – 1361, Tgt 3 – 1371
Sell Below 1342 Tgt 1 – 1333, Tgt 2 – 1323, Tgt 3 – 1314
Very Important – DO NOT TRADE WITHOUT STOP LOSS. Use sound Money Management with your Trading Plan and do not over leverage vis-a-vis your trading equity.
Have a Profitable Trading week ahead!
To your Boring Success!!!