Gold has managed to hold on to the recent gains and with good reason.
It has quite a few of the indicators in both the dailies and weeklies, in its favour.
Usually this is a potent mix but with both of them having low momentum at the moment, this rally could be short-lived and a real struggle.
Unless it somehow manages to find renewed interest and the boosters are fired up, and then we finally have a decent chance to have a good poke higher, maybe to 1280.
Always be alert and watch the charts for signs of the trend decaying to get out quickly and maybe even preempt by selling some ahead and only average it when the downtrend is confirmed.
Interim supports are at 1216.70, 1212.20 & 1199 with minor supports at 1212.60, 1208.80 & 1204.70.
Interim resistances are at 1229.70, 1240.50 & 1260.60 with minor resistances at 1238, 1240.70 & 1251.70.
The daily/weekly trend changer points are at 1171.20/1142.90.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
It has quite a few of the indicators in both the dailies and weeklies, in its favour.
Usually this is a potent mix but with both of them having low momentum at the moment, this rally could be short-lived and a real struggle.
Unless it somehow manages to find renewed interest and the boosters are fired up, and then we finally have a decent chance to have a good poke higher, maybe to 1280.
Always be alert and watch the charts for signs of the trend decaying to get out quickly and maybe even preempt by selling some ahead and only average it when the downtrend is confirmed.
Interim supports are at 1216.70, 1212.20 & 1199 with minor supports at 1212.60, 1208.80 & 1204.70.
Interim resistances are at 1229.70, 1240.50 & 1260.60 with minor resistances at 1238, 1240.70 & 1251.70.
The daily/weekly trend changer points are at 1171.20/1142.90.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
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