Eased Tensions in Ukraine Ease Gold Futures from Highs

Gold futures retreated from 3.5 month highs as demand from uncertainty eased when Russian President Putin stated “there was no immediate need to send Russian troops into Ukraine.  Gold futures appear to be heading to the $1,400 per ounce level but have done an about-face with today’s events.

With all the uncertainty going on in that part of the world, gold futures have risen as much as 2.5% yesterday alone as political tensions seemed to have temporarily climaxed.  The US Secretary of State is in Ukraine now presenting a financial-aid remedy to the interim government.

(Gold futures were) gaining strength before the Ukrainian problem become front page news.  With weakening China numbers, mixed US data on economy, high unemployment in Europe, and throw in the Russian/Ukrainian situation I think gold (futures) will move higher,” said Christian Moreno, a commodities broker for HighGround Trading Group in Chicago, regarding the current gold futures situation.  Moreno added,Also, Inflation number’s across the world are ever slow slowly moving higher.  That will also be supportive of gold (futures).”

The trend for gold futures is up with no “top” seen in sight.  The resistance in gold futures looks right around the $1,360.00 per ounce area.

Share

Comments are closed.

Free Report
Receive Actual Trading Statements, & a Special Insider Report: 5 Key Trading Foundation Points

Futures Trading Report
 

Please note that it
takes a minimum
of $10,000 to effectively
trade these portfolios!
 
*First Name:
*Last Name:
*E-mail:
*Day Phone with
Area Code:

Categories

Follow Us on Twitter