It is fun to be trading gold right now if you are getting it right.
Especially when it is range bound with $30 to $40 ranges to be had.
A nice move up from overnight markets as participants are betting on the slew of economic data out during the course of the week, especially the unemployment figures, that it will not be good and the interest hikes could be delayed till at least September.
The way it has played out previously, market reacted by pushing higher first and quickly running out of steam before plummeting back whence it had come up from.
It was really fun.
Gold needs to crack and close above 1200 in order for the dailies to start looking better. Below 1200, it continues to look soft.
We just have to be careful not to be too complacent and diligently watch the charts for any hidden developments that might come up.
Interim supports at 1190.40 & 1170 with minor supports at 1178.60 & 1168.70.
Interim resistances at 1198, 1206.50 & 1214 with minors at 1207.50 & 1221.70.
The daily/weekly trend changer points are at 1213.30/1215.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
Especially when it is range bound with $30 to $40 ranges to be had.
A nice move up from overnight markets as participants are betting on the slew of economic data out during the course of the week, especially the unemployment figures, that it will not be good and the interest hikes could be delayed till at least September.
The way it has played out previously, market reacted by pushing higher first and quickly running out of steam before plummeting back whence it had come up from.
It was really fun.
Gold needs to crack and close above 1200 in order for the dailies to start looking better. Below 1200, it continues to look soft.
We just have to be careful not to be too complacent and diligently watch the charts for any hidden developments that might come up.
Interim supports at 1190.40 & 1170 with minor supports at 1178.60 & 1168.70.
Interim resistances at 1198, 1206.50 & 1214 with minors at 1207.50 & 1221.70.
The daily/weekly trend changer points are at 1213.30/1215.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
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