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XAUUSD : Testing Key Support at 1277.19

XAUUSD : 4 Hour Chart

Gold continue to face resistance from the falling resistance trend line on the 4 hour chart. Also seems like the commodity is having support from the small rising trend line. The 50 day SMA breaking below the 100 day SMA signaling a bearish continuation. Also on the stochastic oscillator the %K line is moving above the %D line showing that the pair might break down below the support trend line. Let’s have a look at the wider frame that is on the daily chart.

XAUUSD : Daily Chart

On the daily chart, Gold seems like testing the key support at 1277.19. There also seems a falling channel trend within which the pair currently trading. So if the commodity declines below the key support at 1277.19, it will find the next support from the falling support trend line of the channel. So there are chances the commodity might trim its losses but the gains seems limited.