08.04.201407:48 Forex Analysis & Reviews: Technical analysis of gold for April 08, 2014

The yellow metal is in a downtrend from $1,390 levels. Currently, the metal is trading at $1,300 levels. The metal is taking support at $1,295 levels and facing resistance at $1,301.90 levels in H4 chart. Once the metal crosses the $1,301.90 level, it will fly up to $1,303.80, $1,307, and $1,310 levels intradaily. If the metal closes above the $1,310 levels, huge short covering and fresh buying will add to the metal. It will fly up to $1,327 levels. On the higher levels, the metal will face some selling pressure. Traders eye tomorrow's FOMC meeting minutes.

On the down side, in intraday if the metal breaks the $1,295 levels, it will fall to $1,291, $1,284, $1,281, and $1,277. Major panic is only below $1,277 towards $1,270, 1,265, 1,261 levels. Traders can maintain sl $1,277 for longs.