If the market can be insulated from external factors, then, in the dailies, by just pure technicals alone, is due for some easing.
The medium term trending indicators maintain a downward bias and the angle of the decline is too steep to "withstand" too much resistance.
The longer term directional indicator's engine is now left cold and harder to be reignited and so, upside potential is temporarily curtailed.
The faster and short term directional indicators attempt to turn back higher are questionable as gold continue to lose its grip after it managed to push higher.
The green shoots seen in the weeklies earlier are malleable and as fragile as wisps of smoke.
Just as well, the momentum/volatility indicators are also at low levels.
Market seems to be biding its time till the decision on the rates are made.
Until that time, it seems happy to be just pushed around.
Interim supports are at 1125, 1115 & 1092 with minor supports at 1123.70, 1118 & 1103.50.
Interim resistances are at 1133.50, 1140 & 1165 with minor resistances at 1132, 1142.20 & 1157.
The daily/weekly trend changer points are at 1165.40/1168.40.
Get Gold Trading Chat, excerpts from there
The medium term trending indicators maintain a downward bias and the angle of the decline is too steep to "withstand" too much resistance.
The longer term directional indicator's engine is now left cold and harder to be reignited and so, upside potential is temporarily curtailed.
The faster and short term directional indicators attempt to turn back higher are questionable as gold continue to lose its grip after it managed to push higher.
The green shoots seen in the weeklies earlier are malleable and as fragile as wisps of smoke.
Just as well, the momentum/volatility indicators are also at low levels.
Market seems to be biding its time till the decision on the rates are made.
Until that time, it seems happy to be just pushed around.
Interim supports are at 1125, 1115 & 1092 with minor supports at 1123.70, 1118 & 1103.50.
Interim resistances are at 1133.50, 1140 & 1165 with minor resistances at 1132, 1142.20 & 1157.
The daily/weekly trend changer points are at 1165.40/1168.40.
Get Gold Trading Chat, excerpts from there
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