Aug. 7th gold price trend analysis
International gold price rebounded massively, stimulated by the intense situation between Russia and Ukraine gold price breached 1300. Due to the mood of avoiding risks, gold price temporarily rebounded, today’s Asian early trading gold arranged at yesterday’s high point, currently closed at about 1306USD/oz.
As for information, the news of Russia’s increasing of troops near Ukraine border is widely reported. Russian President Vladimir Putin urged that Ukraine government should hold peace negotiation with opposite faction, and warned Ukraine government to consider the consequences of continuing military action. Vladimir Putin’s words stimulated the mood of avoiding risks to surge, also pulled gold price up sharply. The mood of avoiding risks will suffer a drop if no action is taken by Russian army. Currently gold daily chart is facing the 1310 resistant line after the surge, gold may arrange around 1300.