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XAUUSD : Continue to Trade Lower, Might Rebound Again

Gold continue to trade lower as Ukraine and Russia reached a ceasefire agreement in eastern Ukraine. However the price tried to rebound after a spokesman for President Putin said that he had not agreed to a ceasefire but added that the two leaders had discussed how to resolve the conflict. The major economic release investors are waiting for is European Central Bank’s Policy meeting tomorrow and are expecting the bank to come up with fresh easing measures to recover growth and cut off deflation.

XAUUSD : Daily Chart

On the daily chart, Gold is still trading within the falling channel and a break below this trend will only confirm the bearish trend.

XAUUSD : 4 Hour Chart

However if looking at the 4 hour chart, the pair seems like trading within a falling wedge and thus might revive breaking the resistance trend line of the wedge. So we can say that the pair will again rise from the support trend line of the channel on the daily chart and will again find resistance from the falling trend line of the channel.