In the dailies, gold is showing fatigue in some of the faster moving directional indicators and will be weighing down on it and may well try to trigger the trend changing point at 1178.50 today.
If it is successful, maybe the medium term trending indicator will be compromised as well.
That in the meanwhile has recomposed quite well and no longer in the overdone zone and so a renewed onslaught on the lower side could well see us push past the previous low and the maybe play around the psychological level of 1050.
With the USD having such strength and vigour, is difficult for gold to be fighting that to push too high for the moment.
The softness in the long term trending indicator has not been curbed and gone into consolidation so there might be some chance it will continue to add extra pressure.
The weeklies will likely to continue to rule for a tad longer and if it doesn't go below 1050 in 4 to 5 weeks time, then this run lower will be more or less completed in the interim as the indicators have almost reached overdone zone.
Interim supports are at 1082, 1070 & 1065.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1092, 1101.30 & 1128.50 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1199.40.
Get Gold Trading Chat, excerpts from there
If it is successful, maybe the medium term trending indicator will be compromised as well.
That in the meanwhile has recomposed quite well and no longer in the overdone zone and so a renewed onslaught on the lower side could well see us push past the previous low and the maybe play around the psychological level of 1050.
With the USD having such strength and vigour, is difficult for gold to be fighting that to push too high for the moment.
The softness in the long term trending indicator has not been curbed and gone into consolidation so there might be some chance it will continue to add extra pressure.
The weeklies will likely to continue to rule for a tad longer and if it doesn't go below 1050 in 4 to 5 weeks time, then this run lower will be more or less completed in the interim as the indicators have almost reached overdone zone.
Interim supports are at 1082, 1070 & 1065.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1092, 1101.30 & 1128.50 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1199.40.
Get Gold Trading Chat, excerpts from there
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