Sasha Singh
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Gold : Moving Sideways, Waiting For Breakout

(Gold : Hourly Chart)

Gold on the hourly chart seems like moving sideways. Current resistance and support levels are 1316.18 and 1307.87 respectively. Breakout from any of these levels will confirm the further trend. The upbeat Durable goods data didn’t provided much boost to the pair to move down because of the decline in the core durable goods data which excludes volatile transportation items.However the bias is towards downward as on the stochastic oscillator, the signal trend line is above the moving average trend line. Maybe investors are looking for more important data like unemployment claims which is going to release tomorrow at 8:30 AM EDT which may further decide the breakout of the pair. If the data is upbeat, gold should move down breaking the support trend line and if the data doesn’t meet the expectation gold will breakout from the resistance trend line.