Gold started its bearish trend as a reaction to FOMC statement.
The support rests at 1194.36 with resistance at 1202.04 which the weekly pivot point at 1197.50 is located in between the lines. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 100 and above the EMA of 200. The RSI is rising towards the 50 level, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing weak sell signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Short positions are recommended towards 1190.
