The yellow metal closed above 20 & 50Dsma at yesterday's session. The metal price has been consolidating in a tight range between $1,212.00 and $1,188.00. Gold holdings of SPDR gold trust gave an uptick towards 3.29 tons on Tuesday showed an increase by 0.45% to 742.35 tons. In India, Akshaya Tritiya demand for physical gold rose at yesterday's session. People believe that gold purchased on Akshaya Tritiya brings luck and wealth. Ahead of the Eurogroup's meeting on April 24, the metal is trading at $1,200.00. Concerns over Greek issue added a new factor into the bearish view. The euro is likely to remain depressed on the back of growing concerns about Greece as no agreements between Greece and its creditors had been reached. The ECB is considering tightening bank lending to Greece. Besides, FOMC meeting is scheduled for April 29. The 100Dsma and 100Dema acted as strong resistance lines. We expect the metal to drive back towards the support zone between $1,183.00 and $1,180.00 before further spikes. 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. Intraday resistance is seen at $1,202.00 and $1,204.00. Support is found at $1,197.00 and $1,191.00. Gold is still trading above the ascending trend line on the four-hour chart. For an intraday view, we recommend selling below $1,197.00 with targets at $1,192.50, $1,191.00, and $1,188.00. Panic will be triggered below $1,178.00. Bulls should buy above $1,204.00 with targets at $1,208.0, $1,210.00, and $1,212.00. Big moves are expected above $1,212.00. For the next 2 days, we expect the price to trade between $1,180.00 and $1,210.00.
