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Sasha Singh

Potential Levels For Gold After US Jobless Claims Data

(XAUUSD : 4 Hour Chart)

Gold is currently fluctuating ahead of the US job data. Later Yesterday Gold found support from 200 day SMA and rose. However now it seems like gold is experiencing support from the rising support trend line. There is a resistance at 1308.49 which resist the pair to move above it. The commodity will post gains or losses depending on the Jobless Claims data. If the data beats economist’s expectations, Gold will decline breaking this short term rising support trend line and if the data misses the economist’s expectation it might break the resistance at 1308.49 and rise. If it declines, it will again find support at  1292.34. Moving Averages on the chart are also signaling that the bias is towards the decline as 50 day SMA just crossed below the 100 day SMA. 

(XAUUSD : Daily Chart)

On the daily chart, Gold seems like experiencing support from the 50 day SMA. If it continues to decline the next support would be from 200 day SMA or 1277.51.