It's good to be back home and no travel envisaged the last 2 weeks of year - hurrah.
In the daily charts, the short term directional indicators actually has a strong divergence forming on it when it dipped below 1050.
It should hold it in good stead to poke higher over the next 2 weeks.
The medium term trending indicators has an even stronger divergence.
Finally, the long term directional indicators are being lulled into remission for now.
The volatility/momentum indicators has little substance.In the weekly charts, the short term directional indicators has finally turned up for now and could be basis for gold to hold and remain firm hereon, lasting till January.
Crucial psychological support at 1050, so as long as there isn't any closing under it, will continue to be a notable benchmark.
The medium term trending indicators have almost crossed swords with each other and once it does, might see gold testing back to 1130.
The long term directional indicators bearish bias have not beennullified yet and certainly make pushing too high very laboured and failure will see it drop like a rock.
Interim supports are at 1067, 1052.50 & 1048.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1082, 1086.50 & 1113 with minor resistances at 1074.10, 1084.80 & 1123.20.
The daily/weekly trend changer points are at 1087.10/1134.10.
Get Gold Trading Chat, excerpts from there
In the daily charts, the short term directional indicators actually has a strong divergence forming on it when it dipped below 1050.
It should hold it in good stead to poke higher over the next 2 weeks.
The medium term trending indicators has an even stronger divergence.
Finally, the long term directional indicators are being lulled into remission for now.
The volatility/momentum indicators has little substance.In the weekly charts, the short term directional indicators has finally turned up for now and could be basis for gold to hold and remain firm hereon, lasting till January.
Crucial psychological support at 1050, so as long as there isn't any closing under it, will continue to be a notable benchmark.
The medium term trending indicators have almost crossed swords with each other and once it does, might see gold testing back to 1130.
The long term directional indicators bearish bias have not beennullified yet and certainly make pushing too high very laboured and failure will see it drop like a rock.
Interim supports are at 1067, 1052.50 & 1048.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1082, 1086.50 & 1113 with minor resistances at 1074.10, 1084.80 & 1123.20.
The daily/weekly trend changer points are at 1087.10/1134.10.
Get Gold Trading Chat, excerpts from there
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