Gold is under pressure due to the Bank of Canada and England decision regarding monetary policy.
The support rests at 1217.64 with resistance at 1223.96 which both lines are below the weekly pivot point at 1245.93. The EMA of 10 is moving horizontally and it is below the EMA of 200 and below the EMA of 100. The RSI is moving below the 50 level, the Stochastic is showing downward momentum 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 is showing a horizontal trend while the Kijun-sen is showing a downward trend.
Short positions are recommended targeting 1200.

gold analysis