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Gold : Regaining Strength after Downbeat US Data and Tension in Iraq

(XAUUSD : 4 Hour Chart)

Gold currently seem to be following an upward sloping channel trend on the 4 hour chart. The 50 day SMA is contracting towards the 100 day SMA and if it crosses above will give confirmation for a bullish trend. Currently the pair is testing the resistance at 1274.80 which was earlier acting as a support for the pair. Weak US economic releases are giving support to Gold. Breaking the resistance at 1274.80 will give a bullish signal to the pair. However Consumer Sentiment Data coming out at 9:55 might reverse this trend if it comes out to be better than expected. 

Also Gold prices always rise if any economy in the world is disturbed. Currently the tensions in Iraq is supporting the Gold Prices.