Sasha Singh
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Gold Giving Bullish Signal

(XAUUSD : 4 Hour Chart)

Gold was declining ahead of the jobless claims report and PCE Index Report. The report came as per the economist’s expectations however the gold surged finding support at 1306.10 after the release of the report in the expectation that if Inflation will continue to increase at this pace Fed might have to increase interest rates sooner than later. Gold is a commodity which is directly linked with Inflation. So seems like investors are expecting Gold prices to go higher in future. On the 4 hour chart the 100 day SMA is contracting towards the 200 day SMA signaling a bullish move and therefore we might expect the gold prices to break the resistance at 1324.52 and surge. 50 day SMA is also rising and the pair is trading far above this SMA.