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10 Mar 2014
Gold retreats around $1,340
FXStreet (Edinburgh) - The ounce troy of gold is trading on the back foot on Monday, partially retracing last Friday’s gains after US Non Farm Payrolls beaten expectations in February (175K act. vs. 149K exp.). The precious metal is thus extending its recent consolidation pattern propped up by a solid long spec positioning plus geopolitical jitters.
In the opinion of strategists at the Swiss lender UBS, “Provided there is no escalation in the Ukraine crisis, there’s no urgency for fresh buyers to enter at current price. However, a lower entry point is a different story altogether. Our one-month target remains at $1,280”.
At the moment, spot gold is losing 0.25% at $1,336 with the next resistance levels at 1,351 and 1,360 while support levels align at 1,319 and 1,270.
In the opinion of strategists at the Swiss lender UBS, “Provided there is no escalation in the Ukraine crisis, there’s no urgency for fresh buyers to enter at current price. However, a lower entry point is a different story altogether. Our one-month target remains at $1,280”.
At the moment, spot gold is losing 0.25% at $1,336 with the next resistance levels at 1,351 and 1,360 while support levels align at 1,319 and 1,270.