Gold has been under pressure due to the USD weakness against many major currencies.
The support rests at 1255.48 with resistance at 1262.46 which both lines are above the weekly pivot point at 1246.10. 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 above the 50 level, 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 the Chinkou Span. The Tenkan-sen is showing an upward trend while the Kijun-sen is showing a horizontal trend.
Long positions are recommended targeting 1275.

gold analysis

gold