What could heat up gold prices this week

Russia's push into Crimea has sent investors into the metal, but a referendum Sunday on whether to secede from Ukraine and join Russia is likely to spark more uncertainty—and more buying.

"I don't think this market wants to be short ahead of the Ukraine referendum on March 16th. Yes all things Russia have been quiet the past few days, but it feels like the quiet before the storm and gold is gaining bids on the back of that," wrote Steve Scacalossi, director, head of sales, global metals with TD Securities.

Scacalossi and others see limited upside. "Short term, I think we could get between $1,360 and $1,365. It's not a very bullish call, but we think the dips will probably be limited," Scacalossi said in an interview. He expects buying to pick up as the weekend gets closer.

Jim Wyckoff, senior analyst at Kitco.com, said it could be gold's time to shine again.

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