Traders tried hunting for stops in the wee hours in the previous session and gold was pushed to attempt the psychological level around 1100.
Probably none was found and instead, likely hit some limit orders and it rebounded gently and never came close to challenge that again.
With that move, the daily short term directional indicators is almost spent for now and almost gone into the oversold region and it will try to get a leg up when it turns back higher.
The medium term trending indicator is looking a mite better as the gradient is steepening again.
The longer term directional indicator is still not showing new clues of the next move.
The weeklies with gold where they are, the short term directional indicators are starting to look heavy with some that has turned down.
The medium term trending indicator is showing signs of fatigue and almost crossed, back lower.
It's a pity that the volatility/momentum indicators are of not much aid and likely curtail it moving too widely.
Interim supports are at 1101, 1080 & 1075.50 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1116, 1123.50 & 1145 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1150.50/1167.50.
Get Gold Trading Chat, excerpts from there
Probably none was found and instead, likely hit some limit orders and it rebounded gently and never came close to challenge that again.
With that move, the daily short term directional indicators is almost spent for now and almost gone into the oversold region and it will try to get a leg up when it turns back higher.
The medium term trending indicator is looking a mite better as the gradient is steepening again.
The longer term directional indicator is still not showing new clues of the next move.
The weeklies with gold where they are, the short term directional indicators are starting to look heavy with some that has turned down.
The medium term trending indicator is showing signs of fatigue and almost crossed, back lower.
It's a pity that the volatility/momentum indicators are of not much aid and likely curtail it moving too widely.
Interim supports are at 1101, 1080 & 1075.50 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1116, 1123.50 & 1145 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1150.50/1167.50.
Get Gold Trading Chat, excerpts from there
No comments:
Post a Comment