Sasha Singh
0
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

Gold Rising Ahead of US Data

(XAUUSD : 4 Hour Chart)

Gold recently recovered from its losses finding key support at 1241 and is now rising within a rising wedge ahead of Thursday’s Retail sales and Unemployment claims data. On the 4 hour chart, Gold is following a rising pattern which gives a bearish signal that the pair might break the support trend line and decline once it reaches the apex. On the other hand if we don’t consider the resistance trend line the pair may find resistance at 1267.09 giving a signal of an ascending triangle pattern according to which the pair might rise breaking the resistance. 

In my opinion, the commodity will react depending on the US data coming out tomorrow. If the data beats the expectation it will break the support trend line and move down. If it comes out weaker than expected, gold will break the resistance and surge.