Gold is confused as to where it should be headed in it's next move on the back of whether or not rates will be upped or remains status quo.
In the dailies, brakes are being applied right now and try to halt it from looking too soft and the attempt this time round will be more easily manoeuvrable as it will then be lifting off nearer the ground rather then near the apex when attempting to upstage it when it was around 1140's.
So all it needs to do is hold at least 1120 till the week's end and it's done without expending too much resources to do it.
The medium term trending indicators are still bearing south and the long term directional indicators are showing it might go into dullness.
A lack of drive in the volatility/momentum might mean erratic trading/choppiness ahead, depending on what's going through it at that time and is easily pushed around without much depth to the moves.
In the weeklies, it is looking mildly positive as some of the indicators are coming up from the lows with the medium term indicators not too badly crooked or crossed over yet.
Interim supports are at 1119, 1114.50 & 1104 with minor supports at 1118, 1103.50 & 1070.40.
Interim resistances are at 1126.50, 1129.50 & 1142 with minor resistances at 1123.20, 1132 & 1157.
The daily/weekly trend changer points are at 1157.30/1167.50.
Get Gold Trading Chat, excerpts from there
In the dailies, brakes are being applied right now and try to halt it from looking too soft and the attempt this time round will be more easily manoeuvrable as it will then be lifting off nearer the ground rather then near the apex when attempting to upstage it when it was around 1140's.
So all it needs to do is hold at least 1120 till the week's end and it's done without expending too much resources to do it.
The medium term trending indicators are still bearing south and the long term directional indicators are showing it might go into dullness.
A lack of drive in the volatility/momentum might mean erratic trading/choppiness ahead, depending on what's going through it at that time and is easily pushed around without much depth to the moves.
In the weeklies, it is looking mildly positive as some of the indicators are coming up from the lows with the medium term indicators not too badly crooked or crossed over yet.
Interim supports are at 1119, 1114.50 & 1104 with minor supports at 1118, 1103.50 & 1070.40.
Interim resistances are at 1126.50, 1129.50 & 1142 with minor resistances at 1123.20, 1132 & 1157.
The daily/weekly trend changer points are at 1157.30/1167.50.
Get Gold Trading Chat, excerpts from there
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