With gold back above 1090's, in the dailies, the medium term trending indicator looks a mite better than when it were below it.
It will not be able to score languishing below the 1100 as a closing above that will likely cause a flurry of short-covering and give the market much reprieve temporarily.
The faster directional indicators are bunching at the moment and near the top.
The fear is when they start swinging lower, may also drag gold a long.
The momentum/volatility indicator has receded by 25% and with that outflow, makes it difficult to be expecting too much from the market at the moment, whichever direction it attempts.
The long term directional indicator which was the background of recent movements, has almost come into the neutral zone and if it did, then gold might need 2 months to sort out whether it preferred to go back higher or lower.
The weeklies are showing slight resistance to downside plays for now and gentle brakes are in place vis-a-vis, the faster directional indicators showing slight signs of fatigue and trying to turn back upwards.
Initial supports are at 1084.60, 1072.50 & 1068 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1095, 1100.60 & 1129 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1078/1199.40.
Get Gold Trading Chat, excerpts from there
It will not be able to score languishing below the 1100 as a closing above that will likely cause a flurry of short-covering and give the market much reprieve temporarily.
The faster directional indicators are bunching at the moment and near the top.
The fear is when they start swinging lower, may also drag gold a long.
The momentum/volatility indicator has receded by 25% and with that outflow, makes it difficult to be expecting too much from the market at the moment, whichever direction it attempts.
The long term directional indicator which was the background of recent movements, has almost come into the neutral zone and if it did, then gold might need 2 months to sort out whether it preferred to go back higher or lower.
The weeklies are showing slight resistance to downside plays for now and gentle brakes are in place vis-a-vis, the faster directional indicators showing slight signs of fatigue and trying to turn back upwards.
Initial supports are at 1084.60, 1072.50 & 1068 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1095, 1100.60 & 1129 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1078/1199.40.
Get Gold Trading Chat, excerpts from there
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