Sasha Singh
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Gold Might Break the Channel Trend

(XAUUSD : 4 Hour Chart)

Gold seems like trading within an uptrend channel signaling an uptrend on the 4 hour chart. The 100 day SMA is also contracting towards the 200 day SMA showing that the commodity might surge if the 100 day SMA crosses above the 200 day SMA. Gold found support from the rising support trend line after the downbeat US data and may break the resistance trend line of the channel as the series of downbeat US data supporting the demand for safe haven.

(XAUUSD : Daily Chart)

On the daily chart, Gold is currently testing the resistance at 1320.07 and if breaks this resistance might surge till 1327.76 or 1342.24 to find the next resistance. 50 day SMA and 200 day SMA are currently flat giving no confirmation about the trend.