Gold pared back strong gains after Russian Foreign Minister Lavrov said his country had no plans to invade Eastern Ukraine. On the day, gold is up $7 to $1377 after rising as high as $1388.
At this price, gold will close out the week 1.8% higher in the 6th consecutive week of gains and 11th in the past 12. The rally breaks the 55-week moving average for the first time in a year and the next major technical hurdle isn’t until the September high of $1433.
Gold weekly chart with 55-wma
In my accounts, I’ve been long gold for weeks but covered the entire position today. I’ll look to buy around $1355.
