The inflation data from the US did not support USD and this has led to the empowerment of precious metals.
The support rests at 1322.30 with resistance at 1332.70 which the weekly pivot point at 1326.40 is located in between the lines. The EMA of 10 is moving with bullish bias in the descendant channel 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 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 and the Kijun-sen are both showing an upward trend.
We will remain bullish on gold targeting 1340.

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gold