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Gold : Currently Seems Bearish

Gold again rose to three week high after the tensions between Russia and Ukraine once again boiled up. The geopolitical tension raised the demand for safe haven. Ukraine earlier set the deadline for the Russian separatists to leave the government buildings they are occupying in eastern Ukraine which expired raising the tension between Russia and Ukraine. U.S. also indicated that it might impose sanctions against if Russian intrusion in Eastern Ukraine continues.

On the 4 hour chart of Gold, the pair seems like trading within a rising wedge which gives a bearish signal. The pair might find support currently from the support trend line of the wedge currently but once it will reach the apex of the wedge it will break the support trend line. It might find the next support at 1317.10 after break out. On the Stochastic Oscillator also the pair seems like trading in an overbought zone.