Sasha Singh
0
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

XAUUSD : Key Resistance at 1296.47, Bearish Trend Persists on the Commodity

XAUUSD : 4 Hour Chart

Gold was consolidating within a descending triangle earlier but broke out from the falling resistance trend line of the triangle today ahead of the US GDP report. However the upbeat GDP report and unemployment report gave a boost to US dollar and paused the gains of Gold. The pair seems like found resistance at 1296.47 and declined.  The nearest support it may find is at 1287.49. Gold is currently fluctuating mainly because of two factors. One is that the Fed might raise interest rates sooner than anticipated and other is Geopolitical tensions between Ukraine and Russia.

XAUUSD : Daily Chart

However if looking at the daily chart, the commodity continues to trade within a falling channel so even if rises above the current resistance level it will again find resistance from the falling resistance trend line. According to the moving averages the current trend seems to be sideways and slightly biased towards the downtrend until it breaks above the falling resistance trend line of the channel.