A calm market for gold!
Gold price was losing power against USD during the past several days. Yesterday Gold could move stronger, and smoothly recovered the loss. The market looks to be in peace, bulls and bears look to be in agreement about the price of gold.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1286.65 with resistance at 1295.45 which both lines are below the weekly pivot point at 1301.20. The EMA of 10 is moving horizontally in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving below 50 level, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing sell signal. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Short positions are recommended towards 1285.25.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.