With the easing of the Ukraine tension, Gold has cooled off a bit. Some level of profit booking is also seen. Bear in mind though, that the Ukraine crisis is far from over. Another strong move by the Russians and we could see Gold trying to breach $1360 levels.
I have maintained in my previous posts as well that Gold needs to have a strong close above $1360 for it to have the traction to go past $1400 levels. Till such time, I think it will keep playing hide and seek. I do not see the Ukraine tension going off in a hurry so Gold traders will always feel they would have a chance of Gold going up in the short term at least.
The daily chart shows a possible Cup and Handle formation could take place which would be Bullish for Gold. On the Downside, $1300 – $1310 levels would provide good support.
Overall, Gold looks to be under some pressure for this week but mind you, with the Ukraine Crisis still looming large, that can change anytime.
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 1335 Tgt 1 – 1341, Tgt 2 – 1348, Tgt 3 – 1355
Sell Below 1335 Tgt 1 – 1328, Tgt 2 – 1321, 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!!!