In the daily charts, the short term directional indicators has crossed over and cutting back below the overbought zone with lots of room to explore at the lower end.
The medium term trending indicators has finally shown signs of weakness and almost at the cusp of crossing over and indicating that in the interim, the highs might have been made and seen with more tendency of testing supports on the way down now.
That is, if we have a closing below 1215 for today's session.
The long term directional indicators are stiffly maintaining its steep gradient at the moment and it might take a week or more, plus the effect of lower prices before it can be negated.
The moment/volatility indicators quickly decelerating and maintaining just around the 50% mark.
Interim supports are at 1199.50, 1193.50 & 1190.50 with minor supports at 1204.70, 1200.10 & 1178.60.
Interim resistances are at 1214.50, 1221.50 & 1228 with minor resistances at 1218.50, 1231.40 & 1238.
The daily/weekly trend changer points are at 1195.80/1065.05.
The daily point has crept up quickly and is a target to be contemplated to be triggered off and change the outlook in the short term.
Get Gold Trading Chat (Android), excerpts from there
The medium term trending indicators has finally shown signs of weakness and almost at the cusp of crossing over and indicating that in the interim, the highs might have been made and seen with more tendency of testing supports on the way down now.
That is, if we have a closing below 1215 for today's session.
The long term directional indicators are stiffly maintaining its steep gradient at the moment and it might take a week or more, plus the effect of lower prices before it can be negated.
The moment/volatility indicators quickly decelerating and maintaining just around the 50% mark.
Interim supports are at 1199.50, 1193.50 & 1190.50 with minor supports at 1204.70, 1200.10 & 1178.60.
Interim resistances are at 1214.50, 1221.50 & 1228 with minor resistances at 1218.50, 1231.40 & 1238.
The daily/weekly trend changer points are at 1195.80/1065.05.
The daily point has crept up quickly and is a target to be contemplated to be triggered off and change the outlook in the short term.
Get Gold Trading Chat (Android), excerpts from there
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