Gold traders must watch out for the US rate hike plan for 2018.
The support rests at 1238.94 with resistance at 1248.27 which both lines are below the weekly pivot point at 1257.77. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the Stochastic is showing upward momentum and the MACD line is above the signal line in the positive territory. The ADX is showing sell signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
Long positions are recommended towards 1255.

gold analysis

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