As news of CNY's inclusion in IMF's currency basket dissipates, the initial rush has now deadened and gold is back to previous lacklustre performance.
In the daily charts, the short term directional indicators with the gold prices at such levels now, are trying hard to keep it's earlier edge with possibly as stiff an upper back as possible.
With luck, a closing above 1065 will keep it looking positive.
The medium term trending indicators looks a little heavy right now and if we lose holding recent lows, could see extend to 1030 at the least.
On the other side, failure to crack the lows could also mean a long drawn divergence in the making.
The long term directional indicators have mostly been smothered and corrections and some consolidation might ensue before the next direction becomes apparent.
The volatility/momentum indicators are still muted and no indications that the softness has concluded.
Interim supports are at 1055, 1046 & 1039.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1069, 1080 & 1094 with minor resistances at 1074.10, 1084.80 & 1123.20.
The daily/weekly trend changer points are at 1085.35/1116.85. A pity the high attempt yesterday didn't trigger off the daily point.
Get Gold Trading Chat, excerpts from there
In the daily charts, the short term directional indicators with the gold prices at such levels now, are trying hard to keep it's earlier edge with possibly as stiff an upper back as possible.
With luck, a closing above 1065 will keep it looking positive.
The medium term trending indicators looks a little heavy right now and if we lose holding recent lows, could see extend to 1030 at the least.
On the other side, failure to crack the lows could also mean a long drawn divergence in the making.
The long term directional indicators have mostly been smothered and corrections and some consolidation might ensue before the next direction becomes apparent.
The volatility/momentum indicators are still muted and no indications that the softness has concluded.
Interim supports are at 1055, 1046 & 1039.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1069, 1080 & 1094 with minor resistances at 1074.10, 1084.80 & 1123.20.
The daily/weekly trend changer points are at 1085.35/1116.85. A pity the high attempt yesterday didn't trigger off the daily point.
Get Gold Trading Chat, excerpts from there
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