The yellow metal prices manage to close with gains for 4 consecutive weeks. For 3 consecutive weeks, the metal has been struggling to close above 20Esma $1,212.00, though it was breached on a daily basis. Last Friday, the metal managed to close above 50Dsma but rejected at 100Dema $1,212.00. In case the metal closes above $1,212.00 on a daily basis, bulls can challenge towards $1,230.00 and $1,232.00. As we advised, big moves are expected in case of a close above $1,232.00. Weekly resistance is found at $1,232.00, weekly support is found at $1,190.00 20Dsma. In the four-hour chart, the metal has been forming higher lows and higher highs. Intraday resistance is seen at $1,212.00 and support is found at $1,203.00 and $1,200.00. The physical demand has been inching up in India. Indian gold imports were almost double in March totaled 125tonnes. India is the biggest gold consumer in the world. The new Indian government has a plan to launch a new program in May that encourages Hindu temples to deposit their gold with banks in returns of interest. For an intraday view, we recommend buying above $1,212.00 with targets at $1,214.00, $1,217.00, $1,219.00, and $1,222.00. On the down side, we recommend selling below $1,198.00 with targets at $1,195.00, $1,192.00, and $1,190.00. Weekly strong support is found at $1,191.00 and monthly support is found at $1,178.00. Until the metal closes above $1,178.00, bulls are likely to breach $1,223.00 for big moves ahead.
Trade: Buying above $1,212.00 selling below $1,198.00
The material has been provided by InstaForex Company - www.instaforex.com
