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Gold : Getting Ready For a Major Decline !!

XAUUSD : 4 Hour Chart

Gold is getting ready for a major decline as it seems to be following a rising wedge pattern which gives a bearish signal and according to which it should decline breaking below the rising support trend line of the wedge. If it break down right now, the next nearest support it may find is at 1237.18 which earlier also acted as support for the commodity.

XAUUSD : Daily Chart

On the daily chart, the commodity currently seems to be testing the key support at 1240.70 which earlier also acted as key support for the pair. Also there is a rising support trend line which might again push back the gold price higher. If it continues to rise from this support level, the next nearest resistance it may find at 1258.48 or from the falling resistance trend line. Gold will confirm the bearish pattern if it declines below the rising support trend line.