While Asian stock markets were opening lower, gold picked up strength.
The support rests at 1228.50 with resistance at 1237.70 which both lines are above the weekly pivot point at 1226.67. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 100 and the EMA of 200. The RSI is rising towards the overbought area, the Stochastic is showing upward momentum and the MACD line is on the signal line in the neutral territory. The ADX is showing buy signal. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward trend.
Long positions are recommended towards 1246.
