Gold analysis for 04.02.2019
Gold is moving in lower ranges due to strong USD.
The support rests at 1311.99 with resistance at 1319.39 which the weekly pivot point at 1318.63 is located in between the lines. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is falling towards 50 level, 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 is showing a downward trend while the Kijun-sen is showing a horizontal trend.
The support level breakthrough will smooth the way for further decline towards 1300.