15 April 2014 at 7:52 GMT
Gold has declined from a three-week high as the price continue to react to the strong US retail sales yesterday which points towards a pick-up in the US economy following the winter slowdown. The lack of escalation in East Ukraine has seen some of the safe haven buying being scaled back not least due to those US numbers. Today also marks the one-year anniversary of the biggest two-day drop in 30 years for gold when on April 12 and 15 it crashed through what was strong support at 1525/oz. In just two days the yellow metal dropped from 1565/oz to 1336/oz.
Having failed to breach resistance at 1335/oz yesterday gold will once again be looking for support, either from escalating geo-political developments or the 200 day moving average, currently at 1300/oz.
Silver remain range bound around 20/oz while the bigger picture is building up for a break of some significant trend lines. Until that happens the range to look out for are between 19.2/oz. and 21.0/oz.