While coronavirus spread is increasing the demand for safe assets, Gold dropped against USD today.
The support rests at 1659.06 with resistance at 1688.23 which both lines are above the weekly pivot point at 1647.17. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is falling towards 50 level, the Stochastic is showing downward momentum and the MACD line is on the signal line in the neutral territory. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing a horizontal trend while the Kijun-sen is showing an upward trend.
Long positions are recommended towards 1690.
