Sasha Singh
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Gold : Trimming All its Gains

Gold declined to one week lows today as demand for dollar strengthened after US and European Union said that they are considering further sanctions against Moscow after pro-Russian separatists didn't leave the occupied government buildings in eastern Ukraine. Investors are waiting for the meeting to be held on Thursday in Geneva between US, European Union and Russia to bring some political resolution for the prevailing tensions in Eastern Europe. 

On the 4 hour chart, gold was earlier trading within a rising wedge which gives a bearish signal. It broke the support trend line of the wedge and declined. The pair even crossed the 61.8 fib level and will find the next support level at 1277.68. Another report of US CPI is coming out at 8:30 AM EDT which will drive the pair for now.