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XAUUSD : Trimming Some of its Losses But Gains Remain Capped

XAUUSD : Hourly Chart

Gold trying to revive on the hourly chart after the missed US economic data, however if we go deeper the numbers still reflect the economic growth. The commodity rose after declining to the support at 1208.14 and continues to surge above the falling resistance trend line on the chart. Currently it is testing the resistance at 1216.53 and might decline from this level. However if it continues to surge the next resistance level it may find is at 1220.27. The commodity remain below the 50 day and 100 day SMA so we cannot say that the bearish trend is fading away.

XAUUSD : Daily Chart

On the daily chart, Gold is still testing support at 1213.32. If there is a revival the resistance trend line will again prevent the commodity in rising further as it did earlier also. So the bearish trend remain intact and the commodity is expected to decline below the support at 1213.32 confirming the bearish trend.