Sasha Singh
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XAUUSD : Continues to Follow Downtrend

XAUUSD : Hourly Chart

Gold today declined as demand for US dollar continued to remain supported by the expectations among investors that Fed will wind up the stimulus program in October and will start increasing interest rate by the mid of 2015. Gold earlier tried to rebound on the hourly chart breaking above the 50 day SMA but the 100 day SMA didn’t allow it to move above. The commodity is currently testing the support at 1231.66. If it continues to decline, the next support it may find is at 1227.91. It has again declined below the 50 day SMA and not able to hold above it.

XAUUSD : 4 Hour Chart

Now if looking at the 4 hour chart, the commodity is following a falling channel trend and should continue to decline till it find support from the falling support trend line. Currently it is testing support at 1231.96. Gold will show some major move tomorrow after the Fed statement at 2:00 PM EDT.