Sasha Singh
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Gold Trimmed Some of its Losses, Gains Still Capped

XAUUSD : 4 Hour Chart

Gold today found some support and rose above the support at 1213.87 after the missed US data. However the demand for US dollar continues to be supported as the commodity still seems to be in the consolidation range and trading within the descending triangle trend. A breakout from the descending triangle will only signal a reversal in bearish trend. Also seems like the 50 day SMA is acting as resistance for the pair.

"The official data showed that the U.S. Consumer Confidence deteriorated in September to 86 this month after hitting the highest level since October 2007. Economists were expecting a decline to 92.2."

XAUUSD : Weekly Chart

The nearest support for Gold on the weekly chart is at 1187.96 if it continues to decline. However the gains also seems limited as there is a falling resistance trend line which might prevent the pair is rising further.