Gold has been moving with bearish bias because of the strong USD.
The support rests at 1266.42 with resistance at 1273.40 which both lines are below the weekly pivot point at 1293.37. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the Stochastic is moving in low ranges and the MACD indicator is in negative territory. The ADX is not showing any clear signals. The price is below the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
The resistance level breakout will be a sign for gold correction pattern towards 1280, otherwise it will decline towards 1240.

gold analysis

gold