Gold momentarily broke $1400 late on Friday after a big jump after the weak US new home sales earlier in the day but it has firmly cracked the big figure now. Asian traders didn’t have a chance to jump on the rally on Friday and the drama in Syria is re-igniting war fears.
On Sunday, Syria agreed Sunday to a UN investigation into last week’s alleged chemical weapons attack but a deal a senior White House official dismissed as “too late to be credible,” saying the United States has “very little doubt” President Bashar Assad’s forces used such weapons. The rhetoric from the US and rumors that the US and UK have agreed to action are underpinning rallies in gold and oil.
Gold daily chart
The main layer of resistance is up at $1423. The market is clearly perked up about Syria so look for that to be a focus this week.
Update: The break didn’t last long, quickly back down to $1392/oz
