Gold Futures Hover at Resistance on Ukraine Tensions

The demand for gold as a safe haven keeps gold futures hovering at resistance with the stand-off between Russia and its former satellite country, Ukraine, remain unresolved.  Gold futures have traded as high as $12 per ounce higher today.
Tensions may remain high until the people of the Crimean Peninsula will vote to join Russia in a March 16th referendum.  This turmoil in this region of the world, coupled with slow US growth, has helped gold futures gain 12% this first quarter.

A fear premium has crept back into the price of Gold in recent weeks. Concerns about the outcome of events  in the Ukraine and Crimea has been support for prices in not  just Gold but in Silver as well,” said Kevin Riordan, director of research at Capital Trading Group in Chicago, regarding the current gold futures situation.

The trend for gold futures remains up with no top in sight.  We are long this market as of today with per-determined stops in place, as well as a target price in place.


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