Gold has jumped $14 to $1606 since the start of US trading.
One of the drivers has been a report in Cyprus`local press about capital controls. The measures include curbs on cashing cheques, payments abroad and withdrawing time deposits. The announcement says the controls will be in place for 7 days but the odds of an extension are high.
The danger of account confiscations elsewhere in Europe has sparked a flight to gold today. Overall, gold remains within Monday`s trading range and those are the key short-term pivots.
Gold daily chart March 27, 2013
