With the muscle play in the currency markets, has left the US dollar at an unsustainable level plus developments in world markets, tipping the FOMC to put a hiatus on the supposedly rate hike in September, bringing relieve all around as equities rebounded as well as gold.
So for now, we see gold testing a little higher but what will come out of it?
In the dailies, the momentum/volatility indicators are in crawl mode so short term wise, gold might not be moving too drastically.
The faster directional indicators are also trying to overcome the weakness and being a little near to the peak where it came off from, may prove a hinderance to surpassing recent high set last week even if it successfully turned up from here.
The medium term trending indicator hasn't flinched as the angle it was coming off from, is very steep.
This leaves the longer term directional indicator showing faintest signs of being revived.
The weeklies shows the slightest of promise for trying higher but the momentum/volatility trending indicators are only purring and not roaring.
Interim supports are at 1131.50, 1128 & 1108 with minor supports at 1130.60, 1124.40 & 1118.
Interim resistances are at 1137.50, 1143.50 & 1165 with minor resistances at 1143, 1157 & 1166.50.
The daily/weekly trend changer points are at 1166.40/1172.30.
Get Gold Trading Chat, excerpts from there
So for now, we see gold testing a little higher but what will come out of it?
In the dailies, the momentum/volatility indicators are in crawl mode so short term wise, gold might not be moving too drastically.
The faster directional indicators are also trying to overcome the weakness and being a little near to the peak where it came off from, may prove a hinderance to surpassing recent high set last week even if it successfully turned up from here.
The medium term trending indicator hasn't flinched as the angle it was coming off from, is very steep.
This leaves the longer term directional indicator showing faintest signs of being revived.
The weeklies shows the slightest of promise for trying higher but the momentum/volatility trending indicators are only purring and not roaring.
Interim supports are at 1131.50, 1128 & 1108 with minor supports at 1130.60, 1124.40 & 1118.
Interim resistances are at 1137.50, 1143.50 & 1165 with minor resistances at 1143, 1157 & 1166.50.
The daily/weekly trend changer points are at 1166.40/1172.30.
Get Gold Trading Chat, excerpts from there
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