Ahead of the FOMC, gold has started pushing on the resistances.
With gold above 1125, gives it a jollier outlook.
However, closing above 1125 is essential and closing above 1130 will be catalyst to gold having a go at 1150.
Having said that, where it closes is of lesser importance than the FOMC decision later.
The short term directional indicators are attempting a forced turning here from the middle of the field.
The medium term trending indicators has straightened out slightly and steeper than yesterday.
The long term directional indicator has crossed over and if momentum/volatility concurs, might keep gold firmer and higher.
In the weeklies, the faster directional indicators are almost reaching the overdone zone and if current direction is maintained, than this correction will probably over in about 4 weeks' time.
The medium term trending indicator is crossing over but gold must close above 1130 by week's ending and then it's confirmed.
However, gold has a bad habit of letting the market recover to such an extent so that it might look good technically but unconfirmed (on some charts), just below crucial resistances, and smash it lower after that, and catching the break out chasers.
Interim supports are at 1114, 1094.50 & 1087 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1131.20, 1164.50 & 1181 with interim resistances at 1132, 1142.20 & 1156.90.
The daily/weekly trend changer points are at 1100.35/1180.55.
Get Gold Trading Chat, excerpts from there
ps MIB will be away and back on 27 Aug.
With gold above 1125, gives it a jollier outlook.
However, closing above 1125 is essential and closing above 1130 will be catalyst to gold having a go at 1150.
Having said that, where it closes is of lesser importance than the FOMC decision later.
The short term directional indicators are attempting a forced turning here from the middle of the field.
The medium term trending indicators has straightened out slightly and steeper than yesterday.
The long term directional indicator has crossed over and if momentum/volatility concurs, might keep gold firmer and higher.
In the weeklies, the faster directional indicators are almost reaching the overdone zone and if current direction is maintained, than this correction will probably over in about 4 weeks' time.
The medium term trending indicator is crossing over but gold must close above 1130 by week's ending and then it's confirmed.
However, gold has a bad habit of letting the market recover to such an extent so that it might look good technically but unconfirmed (on some charts), just below crucial resistances, and smash it lower after that, and catching the break out chasers.
Interim supports are at 1114, 1094.50 & 1087 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1131.20, 1164.50 & 1181 with interim resistances at 1132, 1142.20 & 1156.90.
The daily/weekly trend changer points are at 1100.35/1180.55.
Get Gold Trading Chat, excerpts from there
ps MIB will be away and back on 27 Aug.
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