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Gold : Rise a Little But Gains Still Capped

XAUUSD : 4 Hour Chart

Gold tried to rise today breaking above the falling resistance trend line on the 4 hour chart as demand for US dollar weakened after U.S. began Airstrikes in Syria. Investors started moving towards the safe haven as geopolitical tensions arose. On the chart pair seems to be trading within a descending triangle as was not able to hold gains above the falling resistance trend line of the triangle. The trend still seems bearish as all the moving averages are moving in the same downwards direction and moving apart signaling a downtrend continuation.

XAUUSD : Daily Chart

On the daily chart, the moving averages are signaling that the pair might decline breaking below the key support at 1195.48. The next nearest support the pair may find is at 1195.48.