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Russian President Vladimir Putin detailed in a press conference that he still holds the right to use military force, however he also said he was not considering the annexation of Crimea into Russia’s territory. There was certainly a lot of talk around moves in financial markets, so it seems logical that the market will keep an eye on the situation, however it should continue to get priced out.
Looking at price action in [commodities:gc|gold|, the triple divergence seen on the daily chart is a very bearish development; however the uptrend drawn from the February 3 low seems to be supporting the downside. The MACD on the daily chart is looking like it wants to break the signal line, and a cross here should coincide with a break in the uptrend. I will look at shorts on this development, with a stop at $1365.
There is a fair bit of data out tonight, with US ADP payrolls and services ISM in play. Good numbers here should be good for the USD and thus weaken gold.