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The precious metal is trading at $1346, up 0.6%, as uncertainty in Ukraine is still fuelling demand. When it comes to the possibility of a war, traders are always going to be on the cautious side. And although there are no signs of an all-out conflict at the moment, worries are festering in the background. Since gold is seen as a quality investment, it is benefiting from the uncertainty surrounding the situation in Crimea.
Gold briefly broke through the $1350 level today, but it didn’t have the momentum to stay above it. The metal had taken a tumble on Friday after the US non-farm payrolls came in much higher than expected; we have managed to pull back the losses since then.
As Chris Beauchamp explained, the $1360 mark remains the key resistance level, and we are still on track for the 50-day moving average to cross the 200-day moving average, which is a bullish indicator.