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Gold : Again Heading towards Negative Territory

Gold started easing downwards from the 1306.33 level and currently following a downward sloping channel trend. Break out from any of the resistance or the support trend line of the channel will confirm the further movement of the pair. Last week gold prices surged after the disappointing US job data causing concern that Fed might slow down the tapering of its bond purchase program. Also a data from CFTC released on Friday showed that hedge fund and money managers have decreased their long positions in gold futures in the week ending April 1. Seems like they are bearish on Gold however this doesn’t give any confirmation. Any breakout below the support trend line of the channel will give a confirmation of downtrend continuation.