There's a good chance we get a bounce in gold, as trader's hedge against geo-political risks stemming from increased tensions in the Ukraine

There's a good chance we get a bounce in gold, as trader's hedge against geo-political risks stemming from increased tensions in the Ukraine. The chances of civil war in Ukraine seems to have increased and the authorities in the Ukraine have given pro-Russian separatists until 15:00 AEST to lay down arms. An emergency UN meeting has been called (expected to start at 10:00 AEST) and hopefully the meeting can help find a solution to the tensions, however the prospect of traders buying gold to hedge against any risks are high. Resistance is seen at $1321 (the 38.2% retracement of the March to April sell-off) and a close above here could see gold trade to $1350.