Sasha Singh
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Gold : Continues Decline, Key Support at 1277.48

Gold continue to decline today after the Fed’s decision to continue tapering its monthly bond buying program by $10 billion to a total of $45 billion a month for the 4th consecutive meeting. The Central Bank also acknowledged that the first quarter growth was far weaker than expected but added that momentum had started to pick up in recent weeks. So we might expect some positive growth in the second quarter.

On the 4 hour chart, Gold was trading within a falling channel and continued to decline by breaking the support trend line of the channel. However there is a key support at 1277.48 breaking which the pair might push down to 1268.55.

Investors are now waiting for the tomorrow's Non Farm Employment Change data for April which is expected to show that the labor market is recovering. Watch for data here