Sasha Singh
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Gold : Again Preparing For Downfall

Gold yesterday lost some ground and declined against US dollar. It found support today at 1282.43 ahead of the release of the US ISM Manufacturing PMI data which is coming out at 10:00 AM EDT. On the hourly chart of Gold, it seems like the pair is consolidating within a descending triangle suggesting further decline in the pair and breakout from the support level at 1282.43. However reversal may also occur. It would be better to wait for the breakout before opening a position.

On the daily chart of gold we can see that the next support level the pair will find after the decline will be at 1268.40.