The tensions in Ukraine regarding the vote that took place yesterday in Crimea has pushed Gold price upwards towards $1,390 which was our target mentioned in the previous analysis. However, fears of the Russian troops invasion have been eased and Gold price is pulling back after reaching $1,391. Gold price remains in an uptrend and is supported.
Short-term support is found at $1,375 where the red upward sloping trend line is now. Next short-term support is $1,368 which is the 38% Fibonacci retracement of the rise from $1,328. Short-term resistance is found at $1,388-$1,391. If support at $1,375 fails, we should expect Gold price to move towards $1,368 or even $1,360. The $1,350 level is very important support, and we expect it to hold Gold price in case of a strong pullback.
The longer-term trend remains up. Pullbacks are being met by heavy buying and are considered corrective. Our double bottom target is $1,500-$1,600. Daily trend remains bullish although we could see a pull back towards $1,350-40 to re-test the broken trend line that was once resistance.
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