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Gold : Will it Break out or Break Down?

US dollar is trading higher against its major counterparts across the forex market today as investors focus turned to FOMC statement and Non-farm payroll data releasing on 30 June at 2:00 PM EDT and August 1 at 8:30 PM EDT. There are other important economic releases also which investors would be focusing on. To be updated with the economic releases click here.

XAUUSD : 4 Hour Chart

Gold which always react in opposite to US dollar was showing an uptrend and was trading within an ascending triangle. According to the trend the commodity should break above the resistance at 1309.23. But seems like Gold will breakout or break down after the release of Consumer Confidence data releasing today at 10:00 AM EDT. If the data beats the expectations, Gold will reverse the uptrend to downtrend breaking the rising support trend line. Nearest support it may find is at 1294.77 if it declines. However if it breaks above the resistance at 1309.23 the next nearest resistance it should find at 1314.41.