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Gold Might Extend Its Losses

XAUUSD : 4 Hour Chart

The moving averages on the 4 hour chart are currently signaling a downtrend. We might see Gold extending losses soon as the 50 day SMA has just crossed below the 200 day SMA signaling a bearish trend and the prices may decline further. On the upper side there is a falling resistance trend line which is resisting gold to move above it. Breaking above this resistance trend line will open the doors for Gold to again surge above 1300.

XAUUSD : Daily Chart

On the Daily Chart, the commodity currently seems like testing previous support at 1293.15. The 50 day SMA also providing support to the pair. However fundamentally strong US data will pull the Gold price further down.Breaking below the 200 day SMA will open the doors for Gold to test the next support at 1277.61