Sasha Singh
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Gold : Not Able to Hold Gains Above the Falling Resistance Trend Line

XAUUSD : 4 Hour Chart

Gold has been able to rise above the 50 day and 100 day SMA on the 4 hour chart and also seems like following a rising channel pattern. Currently it is testing the support at 1229.96 which earlier also acted as resistance for the commodity. It is expected to rise from this support level as it coincides with the rising support trend line. So Gold should rise above the resistance at 1231.06 towards the next resistance at 1238.91 this time.

XAUUSD : Daily Chart

On the daily chart, the commodity declined finding resistance from the falling resistance trend line again. If it is able to rise above this falling resistance trend line, there is another resistance trend line which will prevent it from rising further. However the moving averages pattern on the chart is still showing that the commodity should continue to decline below the key support at 1204.85.