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Happy Holidays. Gold is firmer albeit on the quieter side as traders tried hunting for stops above the 1160's but the attempt fell shy of the resistance 1170.20, where very likely most of stops are placed.
In the dailies, the short term directional indicators are pushing against the "ceiling" and if it doesn't go higher in the next 2 days, then gold might be pressured back lower.
The medium term trending indicators are looking steady and we try as high as 1200 if it manages to cling on to its gain.
The long term and medium long term directional indicators have both been confirmed with this move higher during Asia.
This could perhaps fire up the momentum/volatility indicators and we could have a mini rally on our hands and 1225 may be attempted so the closing for tonight is quite crucial, no lower than 1160 in order to keep looking good.
In the weeklies the short term trending directional indicators are about 2 sessions shy of reach the overbought zone.
The medium term trending indicators is in the midst of piercing through the zero line from the bottom and that could potentially lead to gold being pulled back to 1300.
The long term directional indicator is still meandering while the medium term directional indicator is showing some promise of being confirmed but only the weekly closing that will determine if it's so.
The momentum/volatility indicators are still in the doldrums and nothing seem to wake the giant.
Interim supports are at 1161, 1157 & 1146 with minor supports at 1161.50, 1144.60 & 1132.80
Interim resistances are at 1172, 1176 & 1177 with minor resistances at 1168.30, 1177.20 & 1185
The daily/weekly trend changer points are at 1111.90/1083.30
p.s. Mib Agenti - Will Have No Updates For 1 Month - Overseas Posting
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In the dailies, the short term directional indicators are almost going into the overdone zone, maybe in one to two trading sessions.
The medium term trending indicator remains on track for a push higher.
The long term directional indicator has closed the gap and on the verge of crossing over and confirmation.
The medium term directional indicators is now glued together in tandem but not crossed over despite the higher prices.
The momentum/volatility indicators are still nondescript but is easily turbocharged if it closes above 1165 and charge towards 1200 .
In the weeklies, the short term directional indicators regained it's composure supporting the current move.
The medium term trending indicators continue their assault at the zero and may well cross it by next week.
The long term directional indicators is still in a realignment phase while the medium term term directional indicators shows some promise but may require at least another 6 weeks to forge, that is, if prices continue higher.
The momentum/volatility indicators is kept warmed up but not yet at a critical level.
Interim supports are at 1155, 1149.50 & 1140.50 with minor supports at 1144.60, 1132.80 & 1124.40.
Interim resistances are at 1162, 1169 & 1174.50 with minor resistances at 1166.50, 1170.20 & 1177.
The daily/weekly trend changer points are at 1108.80/1080.10.
Get Gold Trading Chat, excerpts from there
I just landed so a very short update.
In the dailies, some of the short term directional indicators are showing slight weariness.
The medium term trending indicator is showing renewed strength but some top side resistance is in the way.
The longer term directional indicator has almost come into play and just needs gold to push and hold 1150 at the week's closing to trigger it.
The medium-long term indicator is in the midst of crossing over where it is right now.
The momentum/volatility indicators' cupboard is bare so might be running on empty.
In the weeklies, the short term directional indicators at it's zenith and might struggle to sustain.
The medium term trending indicators are intact and wholesome and will soon challenge the parity level and come into positive territory, that is, for the longer term.
The longer term directional indicators is still re-syncing. The momentum/volatility indicators just dribbling along albeit with a slight tinge of positiveness.
Interim supports are at 1137.50, 1132 & 1129 with minor supports at 1132.80, 1128.20 & 1123.60.
Interim resistances are at 1153, 1156.50 & 1165.50 with minor resistances at 1157, 1166.50 & 1170.20.
The daily/weekly trend changer points 1107/1080.10.
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I had expected the market to be erratic but having almost a $40 spike is the mother of all erraticity.
With only screen shots to look at which are hours old before NY opened, it's not worth a penny now.
Having free online charts at the moment, they do not have most of the indicators that I use but I will endeavour anyway.
In the dailies, the short term directional indicators could only turn upwards with the move and risen to the middle.
The medium term trending indicator is trying to cut and cross back to being a positive bias.
If it were to succeed by today, then at least a closing above 1155 is required.
The momentum/volatility indicators have cranked up a couple of notches and is still lacking the propulsion of making it into a major move.
In the weeklies, the short term directional indicators repeated the mid-air maneuver and crossed back into positive territory but it's too near the top so will face tough resistance going too high.
The medium term trending indicator has again recomposed and earlier softness has evaporated.
The momentum/volatility indicator shows some promise but stalling will be disastrous to the current campaign.
Interim supports are at 1128.50, 1121 & 1115.50 with minor supports at 1130.60, 1124.50 & 1103.50.
Interim resistances are at 1144, 1156.50 & 1165.50 with minor resistances at 1142.20, 1156.90 & 1166.50.
The daily/weekly trend changer points are at 1153.65/1078.50.
p.s. Mib Agenti will be away from the 5th - 7th October
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A quickie review tonight as I had a couple of drinks.
The short term directional indicators have almost max out the length of the run lower despite price action not correspondingly so and may go into over sold region by tomorrow.
The medium term trending indicators managed to challenge the zero line and will likely put a lid on any updside attempts, maybe even make gold look heavy here on.
It will be some days more before the long term directional indicators give any inkling of what it's feeling.
In the weeklies, the short term directional indicators are still trying to look convincingly weak.
Some have just crossed over and a couple are at a kissing posture only.
The medium term trending indicator is looking softer but still not yet crossed over.
Probably it needs gold to close below 1100 to have it cross over.
The long term trending indicators is in the doldrums.
Just as well, the momentum/volatility indicators for both are merely gliding along.
It needs to be pumped up at least 4 folds before we can see a major and sustained movement.
Erratic trading will likely ensue and the slew of economic data coming out over the next couple of days will keep gold in check until the data is out.
Interim supports are at 1105.50, 1097 & 1086 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1125.50, 1130.50 & 1146 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1155.40/1078.50.
Get Gold Trading Chat, excerpts from there
Gold has managed to push lower ahead of Yellen's speech.
Will she be like a broken record, deja vous, or something fresh ahead?
No point guessing but you will richly rewarded if you get it right as the market will surely react accordingly as it's oft been trained so.
In the dailies, the short term directional indicators are about half way down so there is room left to play and 1080 could be targeted but must be reached quickly.
If it stalls, it will lose it's nerve and the advantage would be lost.
The medium term trending indicator is nicely bearing south and would challenge the zero line by Friday if it keeps in the same direction.
The long term directional indicators are still biding it's time and not giving any clues as yet.
In the weeklies, the short term directional indicators have turned lower and almost crossed over.
The medium term trending indicators are showing the faintest sign of weariness but will soon be righted if gold closes above 1130.
The long term directional indicators will take a long while more before giving any clues.
Coming to the momentum/volatility indicators, a pittance it's only purring so trading ahead might be a little erratic.
Interim supports are at 1097, 1088 & 1071 with minor supports 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1126.60, 1130.50 & 1134.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily trend changer point was triggered in this session and it's around 1158.50 with the weekly point at 1078.50.
Get Gold Trading Chat, excerpts from there
