Gold prices were resilient in the fact of stronger than expected US retail sales data, as another volatile day on equity markets, and escalating tensions in...

Gold prices were resilient in the fact of stronger than expected US retail sales data, as another volatile day on equity markets, and escalating tensions in the Ukraine continue to keep the precious metals well bid. Whilst gold is in a technically solid position, and there's no reason to expect a major pullback (particulary as opportunity cost in the form of long term bond yield is falling), there's also no major bullish catalyst here, unless the NASDAQ correction gets really ugly, or Ukraine moves closer to a more serious military conflict. Having said that, no doubt the narrative towards commodities and precious metals themselves changing, as a headline beat like the one we saw last night for retail sales would have seen gold down $10-$20 per ounce in 2013, such was the negative sentiment. Full report here (VIEW LINK)