Resuming bullish trend after a pullback
Gold was empowered after China announced retaliatory tariffs on US exports. Currently gold price is declining and at the moment the price is on the mid lane of the ascending channel. As some indicators suggest, this is just a correction phase and the price is expected to grow high again.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1522.75 with resistance at 1548.95 which the weekly pivot point at 1526.67 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 above 50 level, the Stochastic is showing downward momentum and the MACD line is above the signal line in the positive territory. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Long positions are recommended towards 1555.00.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.