Gold has been moving with bearish bias since the beginning of July.
The support rests at 1205.42 with resistance at 1212.98 which both lines are below the weekly pivot point at 1215.64. The EMA of 10 is horizontally in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards the oversold area, the Stochastic is showing downward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing strong sell 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.
Short positions are recommended towards 1200.

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