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
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
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