Gold is trying to break the resistance zone but it does not seem powerful enough.
The support rests at 1494.49 with resistance at 1511.45 which both lines are above the weekly pivot point at 1493.33. The EMA of 10 is moving horizontally in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving above 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 above the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend.
Short positions are recommended towards 1480.
