Golden rush remains capped at $1,419.50

FXstreet.com (Chicago) – Gold closed above $1,400/oz yesterday after 2.5 months below the zone. After reaching $1,418, market participants pushed the metal higher to exhaust rush at $1,419.50.

The Syrian conflict continues weighting on market participants’ psyches as price actions across the board reveal risk aversion behaviors with the yen and gold higher and other currencies pointing down. Gaining 1.19% so far, gold tops major winners behind crude oil up 2.9%, heating oil up 2.5% and silver up 2.5%.

A move beyond $1,420 level may confirm an extended bullish bias reaching $1,480.