VINACHEM

LONDON/NEW YORK (Commodity Online): As Crimea celebrates its return to Russia after 60 years of rule by Ukranians, commodity markets have started moving up on continued uncertainties in the region.

US Gold futures for April delivery which settled lower at $1379 an ounce has started climbing up to $1382. It hit a high of $1391.4 the previous trading day and inching closer to the $1400 forecast by some analysts. Continued tensions in the Ukraine region is providing support for gold, silver and energy complex, analysts said.

"An RSI Of 71.83 on daily trading charts is suggestive of an overbought market with institutional players dominating while MACD continues to be in positive territory suggesting further gains in the short run upto $1410 levels,"according to Sreekumar Raghavan, Chief Strategist at Commodity Online Group. Indian markets are closed in the morning session on account of Holi festivities on Monday.

WTI Crude Oil futures which fell to $98.56 a barrel has climbed back to near $100 levels and trading at $99.11 a barrel on Ukraine tensions.

"An RSI of 45 is neutral for crude oil and MACD is in negative territory in daily charts. However, geo-political tensions may lift Oil again to previous highs recorded," Sreekumar Raghavan added.

Crimea yesterday voted overwhelmingly in favour of joining Russia with exit polls showing 93% of voters favoured leaving Ukraine. The options facing voters were either to join Russia or go back to a 1992 constitution that effectively made Crimea into an independent state within Ukraine.

The European Union said it would be deciding on sanctions against Russia tomorrow that include the possible seizure of the foreign assets of top Kremlin officials and travel bans for senior ministers.

International condemnation of the referendum has started pouring in stating that it is an encroachment on Ukraine's sovereignity with a demand that Russia withdraw its troops back to their bases in Crimea.