Gold is back above $1350 and within easy striking distance of the 2014 high of $1354 (set on Monday). Gold slumped Tuesday as demand for safety from the Ukrainian crisis subsided but once again, gold proved its resilience.
I added to gold longs on Tuesday and yesterday. It’s been impressive watching gold shake off various risks and challenges while continuing to the upside. If Monday’s high can break, the next line of resistance is the October high at $1362.
One thing to keep in mind, however, is that gold priced in AUD is down today and gold price in euros is flat. Then again, gold priced in yen is up almost 2% to the highest since September.
Gold priced in yen – daily