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XAUUSD : Seems Supported, Key Support at 1280.10 in Focus

XAUUSD : Daily Chart

Gold is heading lower but continues to remain supported by the support at 1292.21 on the daily chart. The trend seems to be bearish and it might break below the above mentioned key support. Seems like investors are bearish on Gold as the series of strong US data continues to support US dollar and meeting minutes releasing today at 2 PM EDT might also give hawkish view on the economy. However it would find the next nearest support at 1287.23 or 1280.10 if continues to decline. There is also a falling support trend line which will support Gold if it declines further. However a decline below the key support at 1280.10 will confirm the bearish trend on Gold and we might see the commodity falling down below the falling support trend line of the channel also.

 The upbeat data has added optimism over the growth of economy and fuelled expectations that the central bank will begin raising interest rates sooner than scheduled.On the other hand the geopolitical tensions between Russia and Ukraine continues to weigh so Gold will remain supported until these tensions resolve out.