Gold analysis for 16.05.2017

Gold has been moving with bullish bias after the previous low at 1214.14. The support rests at 1231.72 with resistance at 1237.14 which both lines are above the weekly pivot point at 1226.30. The EMA of 10 is moving with bullish bias along the ascendant channel but it is below the EMA of 200 and the EMA of 100. The RSI is moving horizontally above the 50 level, the Stochastic is showing upward momentum and the MACD indicator is in neutral territory. The ADX is showing buy signals. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend. Long positions are recommended targeting 1240. https://fxglory.com/gold-analysis-for-16-05-2017/