Gold is getting ready for a big jump
Gold price fell against USD today. Right now the price is on a strong support level and is ready for the next ascending wave. Different indicators are issuing buy signals and as it looks bulls are about to take the control of the market. The overall look of the chart is also bullish.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1461.49 with resistance at 1468.09 which both lines are below the weekly pivot point at 1471.60. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is rising towards 50 level, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing buy signal. The price is below 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 1471.00.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.