While Coronavirus is strengthening safe assets, USD is getting more credit than Gold.
The support rests at 1684.86 with resistance at 1720.41 which the weekly pivot point at 1710.80 is located in between the lines. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving below 50 level, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend.
The resistance level breakout will push the price up towards 1735; otherwise short positions are recommended towards 1681.43.
