In the dailies, the short term directional indicators are freshly in this move lower and still has room for lower if it wanted to.
It is good to see that the medium term trending indicator has finally succumbed from recent weakness.
It resisted as best as it could but eventually the will of masses won out, for now.
The longer term directional indicator is still lack lustre and the medium-long term indicator was compromised as gold tested below 1130 today but would resume it's earlier path should gold trade back above 1145.
What is most discouraging is, the momentum/volatility indicators is listless and would really take something catastrophic to get it running.
In the weeklies, the short term directional have only just began to show signs of weariness but not crossed over to the - soft side.
The medium term trending indicators remain rigid in appearance and if fresh selling doesn't come, could just hold it above 1120 for now and continue looking rigid. while the long term directional indicators are still realigning itself.
It will take at least 2 to 3 months before any signals becomes apparent. Looking at the tea leaves, although it is early yet, but maybe by that time, we could be trying higher.
Interim supports are at 1127, 1122 & 1117 with minor supports at 1128.20, 1118 & 1103.50.
Interim resistances are at 1135, 1153 & 1158 with minor resistances at 1142.20, 1157 & 1166.50.
The daily/weekly trend changer points are at 1114/1078.50.
Get Gold Trading Chat, excerpts from there
It is good to see that the medium term trending indicator has finally succumbed from recent weakness.
It resisted as best as it could but eventually the will of masses won out, for now.
The longer term directional indicator is still lack lustre and the medium-long term indicator was compromised as gold tested below 1130 today but would resume it's earlier path should gold trade back above 1145.
What is most discouraging is, the momentum/volatility indicators is listless and would really take something catastrophic to get it running.
In the weeklies, the short term directional have only just began to show signs of weariness but not crossed over to the - soft side.
The medium term trending indicators remain rigid in appearance and if fresh selling doesn't come, could just hold it above 1120 for now and continue looking rigid. while the long term directional indicators are still realigning itself.
It will take at least 2 to 3 months before any signals becomes apparent. Looking at the tea leaves, although it is early yet, but maybe by that time, we could be trying higher.
Interim supports are at 1127, 1122 & 1117 with minor supports at 1128.20, 1118 & 1103.50.
Interim resistances are at 1135, 1153 & 1158 with minor resistances at 1142.20, 1157 & 1166.50.
The daily/weekly trend changer points are at 1114/1078.50.
Get Gold Trading Chat, excerpts from there
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