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Gold Again Shining

Gold prices rallied today after the tensions in Ukraine intensified increasing the demand for safe haven. Russian forces suddenly attacked a police station in Odessa, freeing almost 70 activist that were held there, breaking out clashes in six cities of eastern Ukraine over the weekend. Russia also warned Ukraine of Catastrophic consequences until it halts a military operation against Russian rebels. Gold gained strength on Geo political tensions. However the gain seems limited as outflows from top gold fund continued giving bearish signal.

On the 4 hour chart, the pair was earlier trading within a downward sloping channel and broke out from the resistance trend line of the channel finding resistance at 1313.95. The pair some down now from this level as on the stochastic oscillator also the pair is in the overbought zone. If the pair continue to decline now, the next support level it will find is at 1304.27.

Source: Reuters