Sasha Singh
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XAUUSD : Selling Pressure on Gold !

(XAUUSD : Daily Chart)

Gold is now showing bearish movement as it has broken below the key support at 1267.63 on the Daily chart. Gold was trading higher over the geo political concern between Ukraine and Russia. Recent upbeat data from U.S. is preventing the investors to buy Gold. Seems like they are now showing some confidence in the economic growth of U.S. 


(XAUUSD : Daily Chart)

If looking at the moving averages closely it seems like the 50 day SMA is now moving towards the 100 day and 200 day SMA and might move below it confirming the selling pressure on the metal. The next support level the pair should find is at 1237.89.