Gold bulls watching intently as Russia could attack US over Crimea

Gold bulls will be watching the geopolitical news flow intently with Russia pointing a finger at the US for attacks on Crimea.

Houthi militants striking Yemeni vessels – certainly, if we’re seeing a small rise in the geopolitical risk premium priced into crude, one could extend that towards gold – so we watch and react to the news flow here.

What’s also interesting is we’ve seen really solid inflows into the GLD ETF (Gold ETF) of late, while futures positioning (held by managed money) is now the most bullish since March 2020 – so while the price action in gold is choppy and holding a sideways range, some are building a position and seeing some signs of an upside move, subsequently a break of $2368 would be a bullish trigger for me and detail that the buyers are in control, which could increase the probability of a push back to $2400.