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XAUUSD : Reasons for Price Fluctuation

Gold weakened against USD today during Asian Session and fell back to the key support level at 1331.47 on the expectation that Fed will continue with its pace of tapering the stimulus program. The upbeat job report from US eased concerns of investors over the US economic condition. This week traders will be closely looking at the Retail Sales data and Consumer Sentiment data to confirm the strength in the economy and future guidance for monetary policy. Seems like week China data also weighed on Gold. Although the losses were limited as investors are still looking at the events in Ukraine and somewhat holding Gold as Safe haven. 

Gold currently following a sideways pattern on the hourly chart. Further decline or advances will be confirmed if the pair breaks the support or resistance trend line respectively of the sideways pattern.