Precious metals still bullish
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Gold continues to find support around $1,880. As long as bulls maintain the recently established pattern of higher highs, the bias in the metals sector remains bullish. Platinum bulls have minor support at $1055 and still look to retake $1065 convincingly.
Conversely, stock futures gapped down at open last night. A fear-driven selloff most likely transpired as evidenced not only by gold but also by the massive bid in the USD index and US treasury market. Although equity futures are still lower this morning, more than half of the drawdown has been recovered. Contrarian stock bulls will likely continue to look for a bottom in indices, despite the tension in Eastern Europe remaining high for now.
US jobs data is scheduled for release Friday, but traders should continue to expect knee-jerk volatility across all asset classes for the duration of the week.