Fighting reached a new level in Ukraine today as simultaneous rebel attacks killed at least 8 government servicemen. The threat of widespread violence or a black swan Russian invasion to coincide with the May 25 election will keep a bid in gold and oil through the weekend.

In addition, the coup in Thailand and continued turmoil in Libya add widespread risks. It’s also a long weekend for US traders so that will make traders extra-cautious on Friday.

Technically, gold remains in a wedge and I like going with a break in either direction.

Gold daily chart

Gold daily