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Gold Finally Broke Down, Giving Bearish Signal

(XAUUSD : Daily Chart)

Gold finally broke down from the support trend line of the symmetrical triangle within which it was trading since a long time. All the moving averages are contracting towards each other as we can see on the daily chart signaling a change in trend. As there is no other major factor seems like investors are waiting for the producer data, Durable goods orders (Coming out at 8:30 AM EDT), Housing Price inflation (Coming out at 9:00 AM EDT), and Consumer Confidence Data (coming out at 10:00 AM EDT). 

On the Stochastic Oscillator also, the %K line is above the %D line showing that the pair will continue to follow the downtrend for a while. The nearest key support the pair should find is at 1276.98 declining below which the metal may fall to 1267.46.