SELL GOLD IN THE RANGE OF $1,340-$1,355. SL IS AT $1,363.0
Geopolitical tensions in Ukraine had underpinned gold prices last week. U.S. President Barack Obama said that Crimea's referendum on seceding from Ukraine to join Russia is illegal and added that the U.S. and European Union are united against Russia's intervention in Ukraine. In case the situation worsens, then gold prices are expected to rise.
Traders will be anticipating what will be closely-watched data on retail sales and consumer sentiment for further indications of the strength of the economy and the future course of monetary policy. Gold prices are set to fall as the yellow metal's trend is expected to remain downward.
Technical view-
As we mentioned in yesterday's report, until gold breaks the $1,328.0 level, some pullback expected. Gold again entered into a selling zone. On an intraday basis, a move below the level of $1,337.0 looks weak towards $1,332.0 and $1,328.0.
Positional- sell on rallies. $1,355.0 is neckline resistance
S1 $1,328.0 R1 $1,355.0
S2 $1,318.0 R2 $1,362.0
S3 $1,310.0 R3 $1,395.0.
After a day close above the level of $1,355.0, we will see $1,362.0, $1,375.0, $1,395.0, $1,420.0, and $1,440.0 (if it trades above $1,363.0,then only we see higher levels).
joseph.nz@mail4.instaforex.com
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