The geopolitical tensions made the yellow metal to fly a bit higher. The UN Security Council is holding an emergency meeting at Russia's request amid growing violence in eastern Ukraine. A United Nations Security Council diplomat said that the council would meet today in New York at Russia's request. Another diplomat said negotiations were under way on Ukraine's participation. The total gold in trust is 804.42 tonnes as per SPDR gold shares.
Technical view-
Weekly basis April 14-17
In the Asia's trading session,the metal is trading at $1,328 levels. It has broken the 200EMA level and is trading above it. For positional strategy, in case of a day close above the 200EMA level, we can expect the bulls to gain some more strength towards $1,342 levels. The weekly support exists at $1,310 and $1,300 levels. During this week, we expect the pair to trade between $1,315-$1,335. Once the metal breaks the $1,335 level, it will fly immediately towards $1,342. On the down side, the metal breaks the $1,315 level, it will drop to $1,315,$1,300, below this, $1,295, $1,291, $1,285, and $1,277 levels. If this week is closed above the $1,335 levels, the bulls can make more legs towards $1,342, $1,347, and $1,359 levels next week.
In the near term, the metal extends its leg almost to the overbought level. RSI is reaching the overbought levels in the H4 chart. We expect the correction will take place at $1,335 or $1,342 levels towards $1,315 and $1,310 levels, before it further moves towards $1,359 levels. For intraday perspective, the up move will continue once the pair trades above the $1,329 level for $1,334-1,335 levels.
Recommendations-
Intraday- buy above $1,329 for targets at $1,334-$1,335 or buy with sl $1,324.0.
The material has been provided by InstaForex Company - www.instaforex.com
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