Gold has been moving with bearish bias since the last week.
The support rests at 1317.46 with resistance at 1338.37 which both lines are below the weekly pivot point at 1348.23. The EMA of 10 is moving with bearish bias but it is above the EMA of 200 and the EMA of 100. The RSI is moving on the 50 level, the Stochastic is moving in high ranges and the MACD indicator is in negative territory. The ADX is showing buy 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 support level breakthrough will smooth the way for further decline towards 1300 otherwise the rate will continue its bullish trend towards 1350.

gold analysis