Sasha Singh
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Gold Still Supported !!

Gold started this week with some decline. On the hourly chart, Gold was earlier trading within a rising wedge and according to which the pair should break the support trend line and decline. The pair reacted in the same way as expected. But the continued tensions in Ukraine might give support to the Gold price and the pair might find support at 1298.24 which technically also is a key support area.

An article on seekingalpha shows that the COMEX registered and eligible gold inventories have risen in recent weeks. But although there is a decline in inventory but it is still at extremely high levels which will not confirm any bearish movement of the pair.