Currency Analyst since 2010

Gold corrected from 4-month high

Gold strengthened as a safe haven amid escalating tensions between Russian and Ukraine. Yesterday XAU/USD reached the highest level since the end of October at $1,354. According to CFTC, large players increased their gold longs by 40% to 13-month high in the week before February 25.   

Today, however, the precious metal corrected down to support at $1,337 (61.8% of the decline since August to December). According to ANZ, “the current round of gains may retrace should the tension in the Ukraine ease.”

Chart. Daily XAU/USD

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