Sasha Singh
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Gold : Seems Consolidating in Longer Time Frame, Bias Towards Uptrend

XAUUSD : 4 Hour Chart

Gold now on the 4 hour chart seems supported as the commodity is trading above the key support at 1305.32. This support is a key support as it provided support and resistance to the commodity couple of times before also. The moving averages are flat signaling nothing and showing a sideways pattern. Gold is currently testing its nearest resistance at 1309.04 and trying to rise above it.  If it rises this resistance might now act as a support. Other resistance levels can be seen on the chart.

XAUUSD : Daily Chart

However if looking at the daily chart, Gold seems bullish to me. The 50 day SMA crossed above the 100 day SMA signaling an uptrend continuation. It might also find support and resistance from the rising support and falling resistance trend line. Once it will reach the apex of these contracting trend lines, Gold might surge or plunge signaling future trend it will follow.