Sasha Singh
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Gold : Steady After ECB Decision, Continues to Focus on US Data

XAUUSD : 4 Hour Chart

Gold is showing no significant movement today even after the announcement of interest rate cut and ABS program by European Central bank. Gold continues to trade within the falling wedge pattern rising from the falling support trend line towards the resistance trend line. The commodity will most probably find resistance from 1274.17 however if it continue to rise the next resistance it may find from the falling resistance trend line. Seems like it’s the US data which is a reason for the movement in Gold. Today was an important day for US data. The ADP employment data and unemployment claims data disappointed the economist's expectations and thus might have provided some support to Gold.

XAUUSD : Daily Chart

On the daily chart, Gold is trading within a range of support and resistance at 1260.98 and 1274.17. A decline below the support at 1260.98 will open the doors for the next support target at 1241.22. However a break above the resistance at 1274.17 and the falling resistance trend line might again help rebounding the commodity.