Gold was empowered due to the Theresa May’s speech. The support rests at 1206.90 with resistance at 1220.80 which both lines are above the weekly pivot point at 1191.69. The EMA of 10 is moving with bullish bias along the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving horizontally in overbought area, the Stochastic is showing downward momentum and the MACD indicator is in 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 targeting 1220 area then sellers can open their positions for the coming pullbacks.

gold analysis