Sasha Singh
0
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

What to Expect From Gold?

(XAUUSD : 4 Hour Chart)

Gold today broke down from the support trend line of the symmetrical triangle as the concern among investors about the geopolitical risk eased. Investors turned their attention to US CPI and Existing Home Sales data. The CPI didn’t meet the economist’s expectations whereas the Existing Home Sales data came out better than expected.

Gold confirmed the bearish trend by breaking below the support trend line and again found support at 1304.53. The weak CPI data provided some surge but it was not able to hold the gains as the strong Existing Home Sales data came out. A decline below the support at 1304.53 will push the pair down to the next nearest support at 1298.61. 

(XAUUSD : Daily Chart)However on the daily chart, the pair still support by the support trend line of the rising channel. A break down below the support trend line will confirm a bearish trend.