Gold in still in power due to the economic impact of the coronavirus.
The support rests at 1562.89 with resistance at 1574.68 which both lines are below the weekly pivot point at 1577.97. The EMA of 10 is moving with bullish bias in the horizontal channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving on 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 not showing any clear signals. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing a horizontal trend and the Kijun-sen is showing a downward trend.
Long positions are recommended towards 1583.
