Good to be seeing that gold has been having a bigger range recently.
It certainly makes for more interesting trading.
In the daily charts, the short term directional indicators are bearing southwards and around the 60% level.
The medium term trending indicators have just cut for lower and could be signalling that the high is likely seen.
Here on, due to it coming off from a height and at a steep angle, is putting a fair bit of pressure.
In order to break the signal, would require massive efforts and gold reaching at least 1300 level.
The long term directional indicators have quickly narrowed the gap and also totally re-synced relative to the current price.
A closing below 1180 will negate the signal and it will take at the quickest, at least 2 weeks before the next trend emerges.
The momentum/volatility indicators are quickly loosing heat and coming into the luke warm zone soon.
Probably in 2 days time we might see it settling down and keeping to narrower ranges again.
So what's needed are new impetus that can excite the market again, and really soon.
Interim supports are at 1202, 1194.50 & 1190 with minor supports at 1200.10, 1178.60 & 1168.70.
Interim resistances are at 1216.50, 1220 & 1224 with 1218.50, 1231..40 & 1238.
The daily/weekly trend changer point are at 1260.60/1065.05.
Nb. The daily point was triggered in Asia time and this might help depress prices for now.
Get Gold Trading Chat (Android), excerpts from there
It certainly makes for more interesting trading.
In the daily charts, the short term directional indicators are bearing southwards and around the 60% level.
The medium term trending indicators have just cut for lower and could be signalling that the high is likely seen.
Here on, due to it coming off from a height and at a steep angle, is putting a fair bit of pressure.
In order to break the signal, would require massive efforts and gold reaching at least 1300 level.
The long term directional indicators have quickly narrowed the gap and also totally re-synced relative to the current price.
A closing below 1180 will negate the signal and it will take at the quickest, at least 2 weeks before the next trend emerges.
The momentum/volatility indicators are quickly loosing heat and coming into the luke warm zone soon.
Probably in 2 days time we might see it settling down and keeping to narrower ranges again.
So what's needed are new impetus that can excite the market again, and really soon.
Interim supports are at 1202, 1194.50 & 1190 with minor supports at 1200.10, 1178.60 & 1168.70.
Interim resistances are at 1216.50, 1220 & 1224 with 1218.50, 1231..40 & 1238.
The daily/weekly trend changer point are at 1260.60/1065.05.
Nb. The daily point was triggered in Asia time and this might help depress prices for now.
Get Gold Trading Chat (Android), excerpts from there
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