24th April 2014

(Written on Wednesday, April 23 at 11:00 p.m. US East Coast time). It was a very quiet day in the precious metals markets on Wednesday, as most complexes were confined to relatively narrow trading ranges, with gold’s restricted to a $10/ounce band. Gold continues to look quite poor on the charts, but the fact that $1280 support has held is offering a measure of hope for the battered bulls. In addition, the situation in the Ukraine is still very much up in the air and should be looked on as another potential prop, especially now that the rhetoric is heating up. On Wednesday, Russia again threatened to use force should its interests in the Ukraine be jeopardized, while for its part, the US has warned that a set of new sanctions would be implemented in a “matter of days” if there is no movement on key parts of the recently negotiated agreement.