At long last gold decided to move a wee bit more than yesterday.
The stillness was deafening and was almost like being in the eye of the storm.
Let's wait out and see if the widely anticipated shemitah (supposedly happens on 12&13 Sept) is catastrophic.
Looking at the dailies, the momentum/volatility indicators in particular, it may not make too much with this move but I hope I am wrong.
The short term directional indicators are now a little mixed but with slightly more bias on the downside.
Then the medium term trending indicator is still par for the course and if it had it's way, we could be breaking the previous low and 1040 could be a reality, that is, it has more room to run lower if it suited.
The long term directional indicator has gone into passivity and may require 3 or more weeks to be awakened.
The weeklies bespeak a different story in the medium term indicators, that is, it is still gently bearing north but generally the short term indicators are all mixed with the longer term indicator being compromised for now.
Interim supports are at 1102, 1087 & 1078 with minor supports are at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1119, 1125.50 & 1129.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1154.80/1167.50.
Get Gold Trading Chat, excerpts from there
The stillness was deafening and was almost like being in the eye of the storm.
Let's wait out and see if the widely anticipated shemitah (supposedly happens on 12&13 Sept) is catastrophic.
Looking at the dailies, the momentum/volatility indicators in particular, it may not make too much with this move but I hope I am wrong.
The short term directional indicators are now a little mixed but with slightly more bias on the downside.
Then the medium term trending indicator is still par for the course and if it had it's way, we could be breaking the previous low and 1040 could be a reality, that is, it has more room to run lower if it suited.
The long term directional indicator has gone into passivity and may require 3 or more weeks to be awakened.
The weeklies bespeak a different story in the medium term indicators, that is, it is still gently bearing north but generally the short term indicators are all mixed with the longer term indicator being compromised for now.
Interim supports are at 1102, 1087 & 1078 with minor supports are at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1119, 1125.50 & 1129.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1154.80/1167.50.
Get Gold Trading Chat, excerpts from there
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