With tensions in Ukraine providing increased volatility in the markets, Gold price pulls back towards the $1,330-20 support zone. In our last analysis, we mentioned that a pullback towards $1,335 was very possible and that would be a buying opportunity as stop level for bulls was close by. We are buying Gold below $1,340 with $1,320 stop. The trend remains upward despite the sharp decline from recent highs at $1,355.

The current trend supports our view that we are moving higher towards $1,360-70. Gold price is supported by the blue upward sloping trend line and the Ichimoku cloud. We have put our stop below these two support levels. Breaking below this support will push Gold price towards $1,305-10.

The daily chart shows how Gold price has moved above the 61.8% Fibonacci retracement and our next target is now the 76.4% retracement which is the next resistance level. The trend on a daily basis remains upward. Support at $1,320 if broken will push prices towards $1,290 as this is the next important daily support.