Gold is stubbornly refusing to even come near to the 1080 and by doing that, has managed to temporarily alleviate the pressure on itself.
If it continues holding thus till the end of the week, the long term trending indicator will likely be culled into a consolidation phase extending 2 months or more.
The medium term trending indicator is managing to keep a stiff upper back for now.
The short term directional indicators are still bearing southwards but managed to retract a little while the momentum/volatility indicators are waning by the day.
However, the daily trend changer point has now come higher at 1079.05, just a whisker away and will be higher still tomorrow.
In the weeklies, the faster moving trending indicators are starting to crook due to no new lows in the past week and so if gold closes nearer the 1100, it will be in a better position and low could have been seen for now with some chance to try to secure 1100 next week.
Interim supports are at 1080.70, 1069.50 & 1064 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1090.20, 1100 & 1128 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1199.40.
Mib Agenti will be away for the next 2 days so no updates till the 11th at the earliest.
Get Gold Trading Chat, excerpts from there
If it continues holding thus till the end of the week, the long term trending indicator will likely be culled into a consolidation phase extending 2 months or more.
The medium term trending indicator is managing to keep a stiff upper back for now.
The short term directional indicators are still bearing southwards but managed to retract a little while the momentum/volatility indicators are waning by the day.
However, the daily trend changer point has now come higher at 1079.05, just a whisker away and will be higher still tomorrow.
In the weeklies, the faster moving trending indicators are starting to crook due to no new lows in the past week and so if gold closes nearer the 1100, it will be in a better position and low could have been seen for now with some chance to try to secure 1100 next week.
Interim supports are at 1080.70, 1069.50 & 1064 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1090.20, 1100 & 1128 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1199.40.
Mib Agenti will be away for the next 2 days so no updates till the 11th at the earliest.
Get Gold Trading Chat, excerpts from there
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