Pro-Russian protesters continue to occupy government buildings in eastern-Ukraine and are calling for succession. Russian President Putin ratcheted up pressure on Europe by warning that Ukraine’s delayed payments for Russian natural gas has created a “critical situation,” which could impede gas deliveries and create shortages elsewhere on the Continent. Meanwhile, NATO released satellite photos showing the Russian troops buildup on the Ukrainian border. The images show tanks, armored vehicles, artillery and aircraft massing at makeshift staging posts, that are “ready for action.”
A better than expected initial jobless claims print this morning knocked gold off its intraday highs, but the downside has been limited. Today’s definitive push back above the 50-day moving average is seen as technically encouraging. This moves adds additional credence to the ‘golden cross’ (50-day MA crossing above 200-day MA) that occurred back in March, another bullish technical event.