The demand for the precious yellow metal increased due to virus and there are no major economic reports in the US.
The support rests at 1577.05 with resistance at 1589.95 which both lines are above the weekly pivot point at 1575.37. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Long positions are recommended towards 1590.
