At one point on Thursday the 24th April, it looked like the bottom was going to well and truly fall out of the precious metal sector. During European trading,...

At one point on Thursday the 24th April, it looked like the bottom was going to well and truly fall out of the precious metal sector. During European trading, stops were triggered and heavy technical selling saw gold fall below USD $1270oz, with silver hitting USD $19oz, a situation not helped by the stronger than expected US durable goods order. The 'saviour' for the sector was undoubtedly the news out of Ukraine/Russia, with increasingly hostile rhetoric seeing gold get a safe haven bid, triggering a snap back rally which has now pushed gold back above USD $1300oz, and saw silver rally nearly 5% in short time. Market is now sitting above its 100DMA and 200DMA (just) with the market, whilst keeping one eye on the Ukraine, also focusing on the US where we'll have US GDP, the FOMC meeting and non farm payrolls due this week. Full report here (VIEW LINK)