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Gold Tumbles Down to 1269.14

Gold today broke the key support level at 1277.75 and fell down ahead of key US data for further indications on the future course of monetary policy. On the 4 hour chart, Gold was earlier trading within a descending triangle which gives bearish signal. The pair broke down from the support trend line of the triangle then continued to decline and broke the key support at 1277.75 also.

 Now looking at the daily chart, Gold is currently testing the key support at 1269.14 which was earlier acting as resistance for the pair. Department of Labor and Census Bureau are going to publish Unemployment Claims and Durable Goods Orders data respectively at 8:30 AM EDT. Now the data will drive whether Gold will continue this rally or will pause its losses. If the data beats the economist’s expectations it will continue declining and if the data is lower than the expectations, Gold will find support and rise.