I was looking at some agreements the whole night and it's very late. So I will be brief for tonight's commentary.
The early run in the dailies have turned sour with the price where it is and the height of the indicators are still near their tops from the the point of turning.
So gold is definitely pressured as there is plenty of room for lower levels.
However, it can all be averted if it somehow managed to spring board back to 1220 and higher (miracle needed).
Even if it did that, the indicators will again be in the slightly overdone zone.
However the weeklies remain intact & the current weakness seen in the dailies could be a technical adjustment (indicators being too high) to lower levels before plodding higher again.
The key is to hold above 1200 until the dailies turn again but will it?
Interim supports are at 1207, 1200.40 & 1186 with minor supports are at 1202.60, 1200 & 1178.60.
Interim resistances are at 1211, 1229 & 1239.80 with minor resistances are at 1210.20, 1218.50 & 1221.70.
Check Out Gold Trading Chat - Excerpts Taken From There
The early run in the dailies have turned sour with the price where it is and the height of the indicators are still near their tops from the the point of turning.
So gold is definitely pressured as there is plenty of room for lower levels.
However, it can all be averted if it somehow managed to spring board back to 1220 and higher (miracle needed).
Even if it did that, the indicators will again be in the slightly overdone zone.
However the weeklies remain intact & the current weakness seen in the dailies could be a technical adjustment (indicators being too high) to lower levels before plodding higher again.
The key is to hold above 1200 until the dailies turn again but will it?
Interim supports are at 1207, 1200.40 & 1186 with minor supports are at 1202.60, 1200 & 1178.60.
Interim resistances are at 1211, 1229 & 1239.80 with minor resistances are at 1210.20, 1218.50 & 1221.70.
Check Out Gold Trading Chat - Excerpts Taken From There
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