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Gold : Posted Losses on Improved US Market

Gold was earlier trading within sideways pattern but later yesterday it broke out from the key support trend line at 1296.34. The losses in Gold came after the upbeat US jobless data and regional factory report. However the decreasing physical demand for Gold in Asia also softened the prices. In China it is reported that funds are selling gold positions on decreasing physical demand in China extended Gold losses.

On the hourly chart, we can see that the pair broke the support at 1296.34 and currently testing the next support level at 1292.99. If gold continue to fall it will find its next support at 1287.48.