Sasha Singh
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Gold : Might Reverse the Trend Tomorrow

(XAUUSD : 4 Hour Chart)

Gold is declining today however it seems like consolidating within a falling resistance trend line and support at 1309.67. In a report U.S. Labor Department said that the number of job openings increased to 4.64 million in May from 4.46 million in April which economists were expecting to increase to 4.53 million in May. In the forex market only gold posted losses against US dollar among the major currency pair. Seems like investors are expecting Fed to repeat the Dovish tone in tomorrow’s report. On the 4 hour chart, Gold declined from the resistance trend line and most probably will find support at 1309.67. Despite of the descending triangle trend it seems to me Gold will reverse the downtrend to uptrend breaking the resistance trend line and surge. Breaking below the 100 day SMA will confirm some bearish trend.