In the dailies, the long term trending indicator finally crossed over to the positive territory but whether it can make anything out of the current sentiment/swing, going by just the momentum/volatility indicators, is a toughie unless something cataclysmic happens really soon or the technicals come into play.
That will be gold having a good close, preferably above 1130 and technically looks more positive, a self fulfilling prophecy.
Quite a few of the short term directional indicators are swooning already, at the top and easily tippable once gold starts closing lower and lower.
The medium term trending indicator is still looking good for now and not "damaged" too much by yesterday's lower closing.
In the weeklies, the current move has given a much needed reprieve to catch a breather, maybe before being hung again?
It will need gold to close above at least 1170 (weekly close) before the long term bearishness can be negated into neutrality.
Interim supports are at 1108.50, 1102.50 & 1085 with minor supports at 1070.40. 1030.80 &1023.80.
Interim resistances are at 1127.20, 1130.50 & 1138.20 with minor resistances at 1132, 1142.20 & 1156.90.
The daily/weekly trend changer points are at 1090.70/1189.55.
Get Gold Trading Chat, excerpts from there
That will be gold having a good close, preferably above 1130 and technically looks more positive, a self fulfilling prophecy.
Quite a few of the short term directional indicators are swooning already, at the top and easily tippable once gold starts closing lower and lower.
The medium term trending indicator is still looking good for now and not "damaged" too much by yesterday's lower closing.
In the weeklies, the current move has given a much needed reprieve to catch a breather, maybe before being hung again?
It will need gold to close above at least 1170 (weekly close) before the long term bearishness can be negated into neutrality.
Interim supports are at 1108.50, 1102.50 & 1085 with minor supports at 1070.40. 1030.80 &1023.80.
Interim resistances are at 1127.20, 1130.50 & 1138.20 with minor resistances at 1132, 1142.20 & 1156.90.
The daily/weekly trend changer points are at 1090.70/1189.55.
Get Gold Trading Chat, excerpts from there
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