Gold trying to get above $1,355 as uncertainties on Russian sanctions linger on

• The uncertainties about Russian sanctions keep the yellow metal in the $1,350 region.
• Bulls have a hard time to break above $1,355 in what might be a crowded trade. 

Gold is trading at around $1,348 a troy ounce, virtually unchanged on Thursday as the market is slowly grinding higher but failing to materialize a breakout above 1,355 resistance and 2018 high at 1, 365.70.

Keeping gold afloat are the uncertainties related to the Russian sanctions by the US. According to the latest news, sanctions would come when needed. "We'll do sanctions as soon as they very much deserve it. There's been nobody tougher on Russia than President Donald Trump." said the US President. 

Earlier in the week on Sunday, the UN Ambassador, Nikki Haley made a statement confirming that sanctions on Russia were coming imminently. However, the US President pointed out that sanctions are indeed ready, but they will only be implemented if necessary.

The threat of the attack on Syria last week made gold jump above yearly highs to 1,365.70. However after the airstrike was done and dusted and more than 100 missiles were fired on Syrian chemical weapons facilities, gold went down and US stock went on a relief rally with investors focusing on corporate earnings. The military intervention in Syria was seen as an isolated event as opposed to the start of a new war. 

Meanwhile, silver, gold little brother, is trading at 11-week highs against the US dollar at $17.25 a troy ounce.  

Gold 4-hour chart

Gold is evolving in a bull channel in a triangle pattern in what might be a crowded trade on the bull side. Repeated failures above 1,355 can lead to bull capitulation and a test down to the 1,330 and 1,320 psychological levels. On the other hand, if the bulls win the tug of war above 1,355 then a retest of the 2018 high at 1,365.70 is to be expected.