Sasha Singh
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XAUUSD : Rising Wedge Giving Bearish Outlook But Losses Seems Limited

(XAUUSD : 4 Hour Chart)

Gold seems like following a rising wedge pattern which gives a bearish signal and the commodity might decline breaking the support trend line of the wedge. However 50 day SMA also seems like providing support to Gold. If it breaks below the support trend line the next support levels the Gold will find is at 1309.91.91 or 1305.99. If the Gold decline, the losses seems limited to me. The only confirmation for bearish outlook on Gold is when it will fall below the 100 day and 200 day SMA.