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Gold : Waiting For a Breakout for Bullish Confirmation

XAUUSD : 4 Hour Chart

Gold again testing the key resistance at 1315.92 and might break above it. On the 4 hour chart, the 50 day SMA and 100 day SMA are now heading upward and 50 day SMA might cross above the 100 day SMA signaling an upward continuation of the pair. The 200 day SMA also seems like acting as support for the pair. If the pair is able to hold up the gains above this support, it might break above the resistance at 1315.92.  The next nearest resistance would be at 1319.09. A rising support trend line is also providing support to the commodity and signaling an uptrend.

XAUUSD : Daily Chart

However if looking at the daily chart, the commodity seems like following a channel downtrend according to which the gold should find resistance from the falling resistance trend line of the channel and decline. On the other hand 50 day SMA might provide some support and help the commodity continue to rise.If there is a breakout, it will confirm a bullish trend and we might see gold extending gains.