09.04.201406:44 Forex Analysis & Reviews: Technical analysis of gold for April 09, 2014

Long-term review

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Traders today eye the Federal Reserve releases the minutes of its March meeting today as investors weigh when the U.S. central bank will start to raise rates.The Job Openings and Labor Turnovers Survey (JOLTS) showed 4.173 million openings in February.This was above expectations for 4.020 million and up from 3.984 million in January. The number of job openings increased in retail trade and in professional and business services, while the number of job openings decreased in arts, entertainment, and recreation. The South region experienced a rise in job openings in February.

Technical view-

The geopolitical tensions boosted gold during yesterday's trading session. In the daily chart, the metal is trading below 50SMA ($1,312). The metal gains good strength above this, for $1,317, $1,320, $1,326, and $1,342.0 levels. On the down side, the metal looks weak if it closes below the level of $1,308, to $1,300, $1,295 levels. At the end of the day until gold trades above the $1,300 level, bulls will have an upper hand.

In the H4 chart the metal is trading above the moving averages moving towards the $1,317 level. The level of $1,317 is very crucial for further up move. Once the metal crosses the $1,317 level, it will fly up to $1,340 with intermediate resistance levels.

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