Gold analysis for 18.11.2020
The news over Corona vaccine put pressure on gold which led to a sharp decline in the chart. Gold has been trying to recover from the loss since then.
The support rests at 1869.30 with resistance at 1889.15. Both lines are below the weekly pivot point at 1900.10. EMA of 10 is moving with bearish bias in the ascendant channel and it is below EMA of 100 and 200. The Stochastic is moving in low ranges, the RSI is rising towards level 50 and the MACD indicator is in neutral territory. The ADX is not showing any clear 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 towards 1910.