In the dailies, by now, due to the 1140 level not being held on to, in the charts, the majority of the indicators are all starting to look sluggish, if not, on a softer footing.
The short term directional indicators failed in their mid-air turning routine and are now looking heavy laden.
The medium trending indicators have just turned freshly for the lower.
All gold needs to do is close below 1110 and the long term trending indicator will be activated and add fresh pressure and the 1100 may not be sufficient to prop it up.
However, the momentum/volatility indicators are too low to give it a good push in either direction.
So trading will remain skittish for a while longer. In the weeklies, the short term directional indicators are looking weary and might be sucked lower.
The medium term indicators is starting to round off but has not yet started to look pressurised.
Interim supports are at 1115, 1102.50 & 1086.50 with minor supports at 1103.50, 1070.40, 1030.80.
Interim resistances are 1129, 1141 & 1157 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1159.90/1167.50.
Get Gold Trading Chat, excerpts from there
The short term directional indicators failed in their mid-air turning routine and are now looking heavy laden.
The medium trending indicators have just turned freshly for the lower.
All gold needs to do is close below 1110 and the long term trending indicator will be activated and add fresh pressure and the 1100 may not be sufficient to prop it up.
However, the momentum/volatility indicators are too low to give it a good push in either direction.
So trading will remain skittish for a while longer. In the weeklies, the short term directional indicators are looking weary and might be sucked lower.
The medium term indicators is starting to round off but has not yet started to look pressurised.
Interim supports are at 1115, 1102.50 & 1086.50 with minor supports at 1103.50, 1070.40, 1030.80.
Interim resistances are 1129, 1141 & 1157 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1159.90/1167.50.
Get Gold Trading Chat, excerpts from there
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