In the dailies, what a nice turn of events and let's enjoy it while it last.
All of the indicators are in harmony with only one set path for now.
The momentum/volatility indicators had the winds removed from the sail for now but it will be good to see new momentum/volatility churning the market around, to compensate for the passivity of the past 6 months.
A medium term trending indicator has come to a critical level and if successful, will develop a second wind and keep gold testing higher for a tad longer - 2 weeks.
However the faster directional indicators have almost reached the overdone zone and if no further highs/closes are achieved at the week's closing, then, we might see it under pressure next week.
After projections and interpolations, if successfully done, then upside potential for this run is 1155-1160.
In the weeklies, the faster directional indicators are looking marginally better than yesterday, that is, firmer looking.
It will take more time for the longer trending and directional indicators to realign.
Interim supports are at 1096, 1085 & 1078.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1127, 1138 & 1163 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1083.40/1189.55.
Get Gold Trading Chat, excerpts from there
All of the indicators are in harmony with only one set path for now.
The momentum/volatility indicators had the winds removed from the sail for now but it will be good to see new momentum/volatility churning the market around, to compensate for the passivity of the past 6 months.
A medium term trending indicator has come to a critical level and if successful, will develop a second wind and keep gold testing higher for a tad longer - 2 weeks.
However the faster directional indicators have almost reached the overdone zone and if no further highs/closes are achieved at the week's closing, then, we might see it under pressure next week.
After projections and interpolations, if successfully done, then upside potential for this run is 1155-1160.
In the weeklies, the faster directional indicators are looking marginally better than yesterday, that is, firmer looking.
It will take more time for the longer trending and directional indicators to realign.
Interim supports are at 1096, 1085 & 1078.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1127, 1138 & 1163 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1083.40/1189.55.
Get Gold Trading Chat, excerpts from there
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