Sasha Singh
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Gold : Bearish Trend Remain Intact !!

(XAUUSD : Daily Chart)

Gold found some strength after experiencing support at 1240.31. Seems like the commodity is forming a consolidation range with falling resistance trend line and the support. However the pair might not rise till the resistance trend line and might find resistance from the previous support thus limiting its gains. The moving averages are showing that the trend remains intact as 50 day SMA moved down below the 100 day and 200 day SMAs.

There is no key data release for US today and tomorrow which might bring some changes in the Commodity but on 12 June Retail Sales and Unemployment Claims data might bring some momentum to the Commodity.