FX.co ★ Technical analysis and trading recommendation for Gold for April 21, 2015

The precious metal edges lower, rejected at a multi-resistance zone around $1,210.00 and $1,212.00. Growing concerns about Greece puts the US dollar in the limelight. The USDX changed its direction rebounded from 50Dsma. The equity markets rallied with the steady USD and strong earnings. We guess, asset class shifting led to lower metal prices at yesterday's session. The smart money moved back to equities, crude and USD related pairs. The euro group of finance ministers will meet this Friday on April 24. As of now no agreement was taken place between Greece and its creditors. The Greek exit from the eurozone is the most likely scenario. The metal closed below $1,200.00 and 20Dsma. At today's Asian session, the metal started trading below 50Dsma. The 100Dsma and 100Dema acted as strong resistance. We expect the metal to drive back towards the support zone between $1,183.00 and $1,180.00. The key support level is found at $1,178.00. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. An increase in the US Federal rate, stronger USD, Indian imports, and crude oil prices are major factors that put pressure on metal prices. Intraday resistance is seen at $1,197.00 and $1,200.00. Support is found at $1,191.00 and $1,188.00. Prices are still trading above the ascending trend line on the four-hour chart. For an intraday view, we recommend selling below $1,1800.00 with targets at $1,183.00 and $1,181.00. Panic will be triggered below $1,178.00. Bulls should buy above $1,200.00 with targets at $1,2040.0, $1,208.00, and $1,210.00. Big moves are expected above $1,212.00. For the next 3 days, we expect the price to trade between $1,180.00 and $1,210.00.