Trading in gold at the moment is like flying.
With the tussling of the dailies and weeklies, you can easily get caught in the cross winds and turbulence and be suddenly jerked higher or drop in a tail spin, without warning.
The only difference is, a crash doesn't seem to happen, out of either end.
So for the range traders, it's happy days indeed.
If we are lucky, or is it unlucky, such conditions might persist for some more time as the momentum/volatility indicators are scraping bottom and have not shown much signs of improving for at least another 2 weeks.
Interim supports are at 1200.80, 1193.50 & 1187 with minor supports at 1202.60, 1178.60 & 1168.70.
Interim resistances are at 1209.40, 1212.50 & 1229.50 with interim resistances at 1210.20, 1218.50 & 1221.70.
The daily/weekly trend changer points are now at 1187.90/1144.55.
Until the moment/volatility indicators improve, maybe best to trade the range and watch the chart for entry/exit signals - go for a quickie as still yields above $10 ranges.
Happy Holidays to my friends from the US & UK & HK (25 May)
Get Gold Trading Chat, excerpts from there
With the tussling of the dailies and weeklies, you can easily get caught in the cross winds and turbulence and be suddenly jerked higher or drop in a tail spin, without warning.
The only difference is, a crash doesn't seem to happen, out of either end.
So for the range traders, it's happy days indeed.
If we are lucky, or is it unlucky, such conditions might persist for some more time as the momentum/volatility indicators are scraping bottom and have not shown much signs of improving for at least another 2 weeks.
Interim supports are at 1200.80, 1193.50 & 1187 with minor supports at 1202.60, 1178.60 & 1168.70.
Interim resistances are at 1209.40, 1212.50 & 1229.50 with interim resistances at 1210.20, 1218.50 & 1221.70.
The daily/weekly trend changer points are now at 1187.90/1144.55.
Until the moment/volatility indicators improve, maybe best to trade the range and watch the chart for entry/exit signals - go for a quickie as still yields above $10 ranges.
Happy Holidays to my friends from the US & UK & HK (25 May)
Get Gold Trading Chat, excerpts from there
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