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3 Mar 2014
Gold soars and rises above $1,340
FXStreet (Córdoba) - Gold is trading higher in response to the Ukraine/Russian tensiones, with the price up over $15 from Friday’s closing price to $1,343. The yellow metal holds above $1,340 early in Asia, trading near February highs that lie at $1,345.
Metals and crude oil started the week pointing to the upside despite US dollar strength. The value of XAU/USD opened at $1,335, retreated to $1,330 and soared, rising above $1,340.
Technical outlook for gold
Momentum is favoring the upside in gold but some resistance is expected around $1,345 where February highs are located. Above the next potential resistance is located at $1,355/57 and $1,361 (October highs). To the downside support levels might lie at $1,330 and below here at $1,326 and $1,319 (February 28 low).
Metals and crude oil started the week pointing to the upside despite US dollar strength. The value of XAU/USD opened at $1,335, retreated to $1,330 and soared, rising above $1,340.
Technical outlook for gold
Momentum is favoring the upside in gold but some resistance is expected around $1,345 where February highs are located. Above the next potential resistance is located at $1,355/57 and $1,361 (October highs). To the downside support levels might lie at $1,330 and below here at $1,326 and $1,319 (February 28 low).