Sasha Singh
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Gold Testing Resistance From Falling Resistance Trend Line

XAUUSD : 4 Hour Chart

Gold is giving a bearish signal according to the descending triangle pattern on the 4 hour chart, but I am not convinced with this. In my opinion the commodity might break above the falling resistance trend line reversing the current trend to uptrend. The 50 day SMA is rising towards the 200 day SMA and might cross above it confirming the bullish trend. I can also see a rising support trend line on the chart which is preventing the commodity to decline below it. Another important support is 200 day SMA which seems providing support to the pair.

XAUUSD : Daily Chart

On the daily chart, the pair still seems supported by the key support at 1304.93 and 50 day SMA. Also there is a rising support trend line on the chart, so that if the pair declines below the current support it will again find support from this rising trend line. Gold tried to surge today after the downbeat US jobless claims data but it failed ti surge above the falling resistance trend line.