In the daily charts, the short term direction indicators fought back the weakness of the previous day and righted itself and back on track for gold to plod higher if it maintains above 1065 till the week's closing.
The medium term trending indicators are showing more promise than it did just a day ago as the steepness of the gradient pushing it higher increased and does not look it is faltering now.
The long term trending indicators have it's parachute brakes open and the move lower looks completed for now and usually, some recovery maybe the next order of things.
In the weekly charts, the short term directional indicators had protruded briefly into the overdone zone and may take 3 weeks before it can stabilise or can the move complete.
The medium term trending indicators' descent gradient is tapering a little and if it is able to fend the lows, might see it recover before long.
The long term directional indicators are still bearing southwards and would take extreme efforts just to avert the softness and maybe 3 to 4 months time in order to do so.
The momentum/volatility indicators in both are still in an impotent state and prices may not run too wildly and move more measuredly.
Interim supports are at 1057.50, 1047.50 & 1040.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1070, 1084.50 & 1094 with minor 1170.20, 1177.20 & 1183.50.
The daily/weekly trend changer points are at 1086.05/1166.85.
Get Gold Trading Chat, excerpts from there
The medium term trending indicators are showing more promise than it did just a day ago as the steepness of the gradient pushing it higher increased and does not look it is faltering now.
The long term trending indicators have it's parachute brakes open and the move lower looks completed for now and usually, some recovery maybe the next order of things.
In the weekly charts, the short term directional indicators had protruded briefly into the overdone zone and may take 3 weeks before it can stabilise or can the move complete.
The medium term trending indicators' descent gradient is tapering a little and if it is able to fend the lows, might see it recover before long.
The long term directional indicators are still bearing southwards and would take extreme efforts just to avert the softness and maybe 3 to 4 months time in order to do so.
The momentum/volatility indicators in both are still in an impotent state and prices may not run too wildly and move more measuredly.
Interim supports are at 1057.50, 1047.50 & 1040.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1070, 1084.50 & 1094 with minor 1170.20, 1177.20 & 1183.50.
The daily/weekly trend changer points are at 1086.05/1166.85.
Get Gold Trading Chat, excerpts from there
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