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Gold : Shining Again, Falling Wedge Pattern Giving Signal that Gold Might Surge Again

XAUUSD : Daily Chart

As in my previous blog I wrote about Gold, it seems like it is confirming the falling wedge pattern on the chart. The commodity fell down below the key support at 1294.07 but found support from the falling support trend line of the wedge. It again rose from the support trend line today after the downbeat US Non-farm Payroll data. Now as I mentioned Gold price not only fluctuates in response to the US economic growth but also on the other major economies. Argentina defaulted on its debts this week, which sparked fears among investors whereas the tensions in Ukraine and Gaza raised concerns that it might dampen the global recovery.

The key support which gold need to break to rebuild the bearish outlook is at 1305.87. However if it continued to decline below the falling support trend line of the falling wedge and the key support at 1277.61, it will continue to follow downtrend.