The strong US economic reports are weighing on Gold.
The support rests at 1383.25 with resistance at 1398.35 which both lines are below the weekly pivot point at 1415.67. The EMA of 10 is moving with bearish bias in the descendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving below 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 weak buy signal. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend.
The indicators are showing mixed signals. The resistance level breakout will confirm the bullish trend towards 1420; otherwise short positions are recommended towards 1369.50.
