Richard Perry
Independent Analyst
The safe haven attraction of gold once more returned on Friday, however the price has since then started to settle once more. The rally has come once again in the resistance band $1305/$1310 and this is where the near term barrier has formed. There is significant uncertainty over gold still, with momentum indicators largely neutral, however the longer term bulls will still point towards the confluence of the 55, 89 and 144 day moving averages which remain the basis of support. Playing gold on a near term basis has become a news-driven trade (on Ukraine/Russia mostly) but the recovery bulls will still be in good voice. The reaction low at $1287.50 has become the basis of support. A move above $1324.44 would re-open the upside.
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