GOLD is moved in a consolidative mode

April 22, 2014 by

The gold is moved in a consolidate mode, remaining just above 1291 resistance level.

Despite the tensions still remained high in Ukraine, gold price is still showing as bearish, due to positive economic growth forecasts in China, UK, Euro zone and encouraging US economic and corporate releases.

In my view, it has expected to rise further until political unrest eased between Ukraine and Russia.


xauusd h4 22.04.14

Since it has touched the highest resistance level of 1330 on 14/04/14, it has gradually dropped back up to the lowest support level of 1282. Currently it is moving towards recent resistance level, which seems to me a BUY signal.

MACD still remained below 0.00 lines, and RSI is remaining just above 30 levels.