Gold analysis for 08.06.2017

Gold has been growing since the first days of May and it has reached 1295.82. The support rests at 1282.75 with resistance at 1291.72 which both lines are above the weekly pivot point at 1274.57. The EMA of 10 is moving with bearish bias and it is above the EMA of 200 and the EMA of 100. The RSI is falling towards the 50 level, the Stochastic is showing upward momentum and the MACD indicator is in positive territory. The ADX is not showing any clear signals. It seems that the resistance area is too strong to be broken, therefore short positions are recommended towards the 38.2 level of Fibonacci. https://fxglory.com/gold-analysis-for-08-06-2017/