The strong US economy and the new Fed Chief Powell’s testimony put pressure on Gold.
The support rests at 1315.13 with resistance at 1312.73 which both lines are below the weekly pivot point at 1335.73. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the Stochastic is moving in low ranges and the MACD line is below the signal line in the negative territory. The ADX is showing 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 1300.

gold

gold