XAUUSD is been falling for the past two days after it bounced back at 1303.41 on Tuesday.Gold failed to capitalize on the early European session uptick to the $1300 neighborhood and has now dropped to the lower end of its daily trading range. In today’s early sessions, XAUUSD broke the short term hourly trendline and retested at 1298.00 . The most expected economic releases made the pair drop to the ascending trendline for the third time. The Initial Jobless Claims for the month of May is released as 212K vs 220K expected and the Continuing Jobless Claims as 1.66M vs 1.680M expected . The US Housing Starts for April (MoM) came in at 1.1235M vs. 1.20M forecast while Building Permits for the same month came at 1.296M vs. 1.29M also beating expectations. The better than expected U.S Data gave the USD a slight boost making the pair drop down. Currently trading at 1291.58, it is seen that the pair is trying to reverse above at the ascending trendline support which gives the bulls a good opportunity to enter into the market with minimal risk ratio. On the other side, if the bears managed to break below 1289.00 region, it may have chances of pulling the pair to the May 8th Low at 1280.00.

XAUUSD TODAY:
Daily open: 1296.58
Daily Last high: 1298.84
Daily Last Low: 1289.99
Daily current growth: -0.32%