In the dailies, looking that the empirical evidence of all the indicators, the majority of them are gently biased to the upside.
The medium term trending indicator is still bearing north nicely.
A small bunch of the faster directional indicators looks like it's forming a v-shape type of recovery.
The long term directional indicator looks like it's going in a phase of plateauing.
While the signs are encouraging for some recovery, trying alone is insufficient.
It must be able to stand it's own and get the dust off its behind and really get moving higher above 1100's and we may yet get to see 1150.
The way the market is panning out, if it doesn't get higher by the end of the week, it will quickly lose its resolve and sink upon itself and the recent lows will be revisited and probably with a new low by early next week.
The momentum/volatility continues to retract and a good chance for retracements is now.
In the weeklies, a number of the faster, directional indicators are showing some signs that the market is in need of some recovery.
Interim supports are at 1087.50, 1074 & 1068 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1097.50, 1100 & 1130 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1077.50/1199.40.
Get Gold Trading Chat, excerpts from there
The medium term trending indicator is still bearing north nicely.
A small bunch of the faster directional indicators looks like it's forming a v-shape type of recovery.
The long term directional indicator looks like it's going in a phase of plateauing.
While the signs are encouraging for some recovery, trying alone is insufficient.
It must be able to stand it's own and get the dust off its behind and really get moving higher above 1100's and we may yet get to see 1150.
The way the market is panning out, if it doesn't get higher by the end of the week, it will quickly lose its resolve and sink upon itself and the recent lows will be revisited and probably with a new low by early next week.
The momentum/volatility continues to retract and a good chance for retracements is now.
In the weeklies, a number of the faster, directional indicators are showing some signs that the market is in need of some recovery.
Interim supports are at 1087.50, 1074 & 1068 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1097.50, 1100 & 1130 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1077.50/1199.40.
Get Gold Trading Chat, excerpts from there
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