Sasha Singh
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XAUUSD : Declined Today But Still Seems Supported

Gold today is easing in the market breaking below the rising support trend line reversing the uptrend. 200 day SMA seems like a strong resistance which prevented the commodity to move upward. Also the tensions and fears in Ukraine subsided which was earlier giving support to the commodity. Among Commodity copper seems to be an attractive option as it recovered against US dollar after the inflation in China was reported to be better than the expectations. The Copper stockpiles also declined raising the prices of commodity.

XAUUSD : 4 Hour Chart

On the 4 hour chart, Gold is again testing the support at 1304.63. It might again rise from this support level however if it continues to decline the next support it will find is at 1301.74.

XAUUSD : Daily Chart

If looking at the daily chart, Gold seems consolidating within two contracting trend lines. Currently it is testing the key support at 1304.93 and it might find support from the rising 50 day SMA. If it declines below this level it might again find support from the rising support trend line. So in all there seems many reasons which are currently providing support to Gold.