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Having worked so hard to break above both the 50 and 100 day moving averages, the bulls would be disappointed if they were to give up this ground before a US congressional resolution to the turmoil in the Middle East. For the short term at least, supply and demand are probably not the major driving forces behind a move for the precious metal; instead those are fear and the flight to security.
Some traders will be heartened to remember that the last time gold tried to break through the resistance of the $1400 level it then charged up to and beyond the $1900 level. The biggest difference to consider is the general perception of risk and the fact that the markets are becoming a more blasé towards negative news as it becomes increasingly regular.
There has been a shift in the buying of US futures which have risen by 0.6%, while the percentage of selling has shrunk by 8.6%. This may be an indication that higher gold levels will be hit.