Having been away for a couple of days for some urgent meetings, gold succumbed to topside pressure and drifted a tad lower.
The daily trend changer point was triggered yesterday and is at 1231.30 today, The weekly is at 1148.05.
The dailies are pointing lower but some of the indicators are showing signs of bottoming (tiredness) plus the lack of momentum/volatility showing any endurance, we might not get the full benefit of the charts looking softer and it just might creep back higher from here, especially if we hold above 1178 till the end of the week.
Interim supports are at 1180.70 & 1168.30 with the minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1197,1206 & 1211.40 with minor resistances at 1191, 1196.70 & 1207.50.
Just remember to keep watching the charts and not get lulled into a false sense of security.
Get Gold Trading Chat, excerpts from there
The daily trend changer point was triggered yesterday and is at 1231.30 today, The weekly is at 1148.05.
The dailies are pointing lower but some of the indicators are showing signs of bottoming (tiredness) plus the lack of momentum/volatility showing any endurance, we might not get the full benefit of the charts looking softer and it just might creep back higher from here, especially if we hold above 1178 till the end of the week.
Interim supports are at 1180.70 & 1168.30 with the minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1197,1206 & 1211.40 with minor resistances at 1191, 1196.70 & 1207.50.
Just remember to keep watching the charts and not get lulled into a false sense of security.
Get Gold Trading Chat, excerpts from there
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