Gold had a sharp fall on Monday and it might even go lower as the USD receives a bit of support.
The support rests at 1273.40 with resistance at 1278.80 which both lines are below the weekly pivot point at 1286.27. 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 moving below the 50 level, the Stochastic is showing downward momentum and the MACD line is above the signal line in the positive territory. The ADX is showing sell signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend.
Short positions are recommended towards 1270.

gold analysis