The longer term trending indicator has shown completeness of the move down for the moment, with gold at 1110 or higher.
The minute gold closed above 1100 gave a signal that we could be targeting 1130 in the near term and 1150 in the medium term.
Some of the faster directional indicators, if the run up does not continue for the rest of the week, will start to feel the gravitational pull and pluck it off it's perch.
So there is some upside bias for now.
In the weeklies, the faster turning directional indicators have crook upwards and retracements might be in order the medium term trending indicator is showing the faintest of a crook.
However, the longer term trending indicator is showing that permits, despite it all, gold remains under pressure still.
Interim supports are at 1098.60, 1093.30 & 1083 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1111.60, 1126.20 & 1138 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1081.10/1189.50.
Get Gold Trading Chat, excerpts from there
The minute gold closed above 1100 gave a signal that we could be targeting 1130 in the near term and 1150 in the medium term.
Some of the faster directional indicators, if the run up does not continue for the rest of the week, will start to feel the gravitational pull and pluck it off it's perch.
So there is some upside bias for now.
In the weeklies, the faster turning directional indicators have crook upwards and retracements might be in order the medium term trending indicator is showing the faintest of a crook.
However, the longer term trending indicator is showing that permits, despite it all, gold remains under pressure still.
Interim supports are at 1098.60, 1093.30 & 1083 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1111.60, 1126.20 & 1138 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1081.10/1189.50.
Get Gold Trading Chat, excerpts from there
No comments:
Post a Comment