Sasha Singh
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Gold : Bearish Movement, Will it Fade or Continue?

(XAUUSD : Daily Chart)

Gold is losing all its shine today. Downbeat US data also was unable to provide support to the pair. On the daily chart, the 50 day SMA has now crossed below the 100 day and 200 day SMAs giving a bearish outlook on the pair. The nearest support the pair may find is at 1232.53. We might see some rise in the pair from this support as the pair is currently trading in the oversold zone.

Earlier the metal was strengthening because of the geopolitical tensions between Ukraine and Russia.Also the weak economic growth in USA was supporting gold. Seems like market is now feeling confident in the economic growth of US.