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Investors are looking to place their funds in safe-haven assets, and gold is trading at $1347 as a result. Whenever there is political uncertainty gold tends to benefit, as it is deemed to be a ‘quality’ investment. The ‘flight-to-quality’ effect is seen when investors take their cash out of riskier investments, such as shares, and buy government bonds or gold. The global equity market has slipped into the red and traders, fearing the outbreak of war in eastern Europe, have decided to buy gold.
Gold has reached four-month high following the news that Russia had sent troops into the Crimea. This move by Moscow has drawn criticism from world leaders, and while tension remains high it is likely the precious metal will push upward. However, if the prospect of war declines we could see gold drift lower.
Gold is finding trendline resistance at $1360, and a daily close above $1360 could put it in good stead to reach $1400. The metal is also finding support at $1320, and below that the next support level is the 200-day moving average of $1300.