Sasha Singh
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Gold : Downtrend Continues, Gains Capped

XAUUSD : Hourly Chart

Gold prices eased a little yesterday after the disappointing US data, however again trimmed all its gains. On the hourly chart, we can see that the commodity surged to the first resistance trend line and then simultaneously trimmed its gains also again declining to the previous support level at 1204.56. Today the pair is currently testing resistance at 1209.88. Even if it crosses above this resistance it will find resistance either from the first falling resistance trend line or from the second resistance trend line above it. However overall the trend is signaling that the pair will decline below the support at 1204.56.

XAUUSD : Weekly Chart

On the weekly chart, we can see that the nearest support for the commodity is at 1187.96 and it will continue to decline until this level.

Investor shall be looking for the Non farm payroll data releasing tomorrow which is beats the economist's expectation will extend losses to Gold.