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Gold Back to its One Week High Level

Gold again rises on the Ukraine concern. It managed to post some gains and rising to highest level in a week yesterday after the weak jobless claims data from US. The gains were then extended over the Ukraine concern. Huge fluctuation in Gold are as a result of the high trading volumes. However the short term trend on Gold still remain bearish but the trend might change to bullish if the tensions between Ukraine and Russia keep increasing like this.

On the 4 hour chart, Gold surged from the support at 1290.60 and most probably will find resistance at 1303.90. Breaking above this resistance should confirm the bullish pattern as the pair have already crossed the 50 day and 100 day SMA. If not the pair will come down again to its previous levels. On the stochastic oscillator the pair is in the overbought zone.