Sasha Singh
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Gold Heading Down

(XAUUSD : 4 Hour Chart)

Gold is finally moving down today after surging on the Portugal bank Concerns among investors. The 50 day and 100 day SMAs are also slightly changing their direction but still not signaling a bearish trend on the pair. The pair is again near to the key support level at 1309.68 which it tested couple of times before also and was not able to break it. Seems like investors are already waiting for Janet Yellen testimony which is going to be at 10:00 AM EDT and looking for some guidance on monetary policy and the timing of rate increase after the Fed revealed some information last week. Gold might break the key support at 1309.68 if Yellen shows some hawkish tone and the gold might pause its rally. 

(XAUUSD : Daily Chart)

Currently the pair is not signaling anything even on the daily chart, as all the moving averages on the chart are flat and moving in the same direction. Let’s see if this time it will continue to fall or again find support.