Gold analysis for 02.01.2018
Gold is acting strong against the weak US dollar and it is supported by the tensions over North Korea and the Russian scandal surrounding U.S. Presidential election.
The support rests at 1303.50 with resistance at 1315.00 which both lines are above the weekly pivot point at 1298.93. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is showing upward momentum and the MACD line is above the signal line in the positive 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 1350.