Gold has picked itself up nicely off the lows to trade nearer the 1180's.
So depending where it closes tonight would give a bearing on the direction on the morrow.
It will at least be poised to try higher, that is, fulfilling the divergence play and maybe we creep back to 1200's.
There are some indicators on the mend as well and nicely so, but a medium/longer term indicator has just confirmed signal for lower and if it has its day, would mean gold would be in for more selling later on, probably extend another 2 weeks.
To cancel it, gold needs to get back to 1190.
Interim supports are at 1171.40, 1168.10 & 1163.70 with minor supports at 1168.70, 1161.50 & 1144.60.
Interim resistances are at 1182.90, 1189.70, 1197.70 with minor resistances at 1184.50, 1191 & 1196.70.
The daily/weekly trend changer points are at 1200.20/1154.60.
Get Gold Trading Chat, excerpts from there
So depending where it closes tonight would give a bearing on the direction on the morrow.
It will at least be poised to try higher, that is, fulfilling the divergence play and maybe we creep back to 1200's.
There are some indicators on the mend as well and nicely so, but a medium/longer term indicator has just confirmed signal for lower and if it has its day, would mean gold would be in for more selling later on, probably extend another 2 weeks.
To cancel it, gold needs to get back to 1190.
Interim supports are at 1171.40, 1168.10 & 1163.70 with minor supports at 1168.70, 1161.50 & 1144.60.
Interim resistances are at 1182.90, 1189.70, 1197.70 with minor resistances at 1184.50, 1191 & 1196.70.
The daily/weekly trend changer points are at 1200.20/1154.60.
Get Gold Trading Chat, excerpts from there
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