The past few days, gold didn't have any significant highs attempted whilst positive bias were seen in most of the indicators.
As a result of which, some of these indicators have started to look heavy and might weigh down on any chances gold might have had at stabbing higher.
In the daily charts, the short term directional indicators gingerly missed touching and pushing through the overbought region such that, it is mid-way of turning lower again.
The medium term trending indicators have pushed above the parity line but making nothing of it, there are indications it might want to turn back lower again.
The long term directional indicators might actually have a chance to bring gold back well above 1100 if it manages to close above 1085 at the year's closing.
Is it going to be another case of "a miss is a good as a mile"?
The momentum/volatility here on looks like it's winding itself down for the year so if any moves comes, it will be erratic and likely be non sustainable.
Interim supports are at 1065, 1057.50 & 1048.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1076, 1082 & 1094 with minor resistances at 1074.10, 1084.80 & 1123.20.
The daily/weekly trending changer points are at 1082.50/1125.25.
Note - the daily point has been descending and soon might have a chance to be triggered, provided gold doesn't drift too low.
Get Gold Trading Chat, excerpts from there
As a result of which, some of these indicators have started to look heavy and might weigh down on any chances gold might have had at stabbing higher.
In the daily charts, the short term directional indicators gingerly missed touching and pushing through the overbought region such that, it is mid-way of turning lower again.
The medium term trending indicators have pushed above the parity line but making nothing of it, there are indications it might want to turn back lower again.
The long term directional indicators might actually have a chance to bring gold back well above 1100 if it manages to close above 1085 at the year's closing.
Is it going to be another case of "a miss is a good as a mile"?
The momentum/volatility here on looks like it's winding itself down for the year so if any moves comes, it will be erratic and likely be non sustainable.
Interim supports are at 1065, 1057.50 & 1048.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1076, 1082 & 1094 with minor resistances at 1074.10, 1084.80 & 1123.20.
The daily/weekly trending changer points are at 1082.50/1125.25.
Note - the daily point has been descending and soon might have a chance to be triggered, provided gold doesn't drift too low.
Get Gold Trading Chat, excerpts from there
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