Being influenced by the Yellen’s testimony, Gold has been supported yesterday and today it will be also under the influence of the same event.
The support rests at 1215.66 with resistance at 1226.88 which the weekly pivot point at 1219.63 is located in between the lines. The EMA of 10 is moving with bullish bias and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards the 50 level, the Stochastic is moving in high ranges and the MACD indicator is in neutral territory. The ADX is showing buy signals. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
The resistance level breakout will smooth the way for further growth targeting 1240, otherwise it will drop to 1200.

gold analysis

gold