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XAUUSD : Confirming Bearish Trend Today

Gold today confirmed the bearish trend on the commodity after the release of US data which came in line with the economist’s expectations. Official data showed that the U.S. Producer Price Inflation rose .1% in line with expectations. A separate report showed that U.S. industrial production rose .4% in July beating the economist’s expectation for an increase of .3%.

XAUUSD : 4 hour Chart

On the 4 hour chart, the pair was earlier trading within a symmetrical triangle and confirmed the bearish movement by breaking below the rising support trend line. The commodity would have found support at 1301.90 but it continued to decline and currently testing the key support at 1292.03. It should rise from this support level. Gold not even found support after the release of weak Consumer Sentiment Data which showed that the index ticked down to 79.2 in August missing the economist’s expectation for an increase to 82.5.

XAUUSD : Daily ChartOn the Daily Chart, Gold is again seems like trading within a downward sloping channel which is also confirming a bearish trend. It might continue to decline until it find support from the falling support trend line.Currently testing the key support at 1292.21 and if declines further the next support it may find from 200 day SMA.