The uptrend is still on going
As the concerns over Covid-19 increases, traders are attracted to safe assets. Valuable metals’ market have gained strength after the pandemic. Several days ago the price line formed an ascending channel on the chart. The channel is still valid and has not been broken to either sides.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1763.90 with resistance at 1803.95 which the weekly pivot point at 1776.63 is located in between the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Long positions are recommended towards 1805.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.