Sasha Singh
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Gold Extending Losses, Might Break Below Key Support at 1208.05

XAUUSD : 4 Hour Chart

Gold continues to extend losses after the upbeat unemployment claims data however it is still trading within the descending triangle trend. Bearish trend seems to be intact on the chart. The key support from which it might break down is at 1208.05.

XAUUSD : Daily Chart

On the daily chart, we can clearly see that if the pair breaks below the above mentioned key support, the next nearest support it may find at 1187.96.

From past few months, metals are plunging amid the expectations that Fed might start increasing interest rate sooner than earlier scheduled. However slow growth or expected deflation in euro zone might support the demand of Gold but seems like US economic growth and strong dollar weighs on the commodity.