In the daily charts, the short term directional indicators have come off nicely and dallying around the 50% mark.
It is pondering whether to go for it or try to hold 1200 till at least the end of the week.
Which by then, the indicator would have come off to a low enough level to engineer a recovery back higher.
It is common sense that it is easier to swim with the current than against it.
The medium term trending indicator on the other hand is coming off from a great height and has only retraced a third from the highs towards the parity line.
This could severely limit attempts higher and pressure applied for at least 2 weeks.
The long term directional indicators earlier signal has not been negated yet.
It would need gold to be driven to at least 1190 levels and close there in order to confirm it.
The momentum/volatility indicators are trying to stablise around the 37% mark and if it succeeds in doing that, the volatility might pick up and gold's vigour is renewed.
If that happens, sometimes the movement could be countertrend and we be ascending yet again.
That all hinges on the next batch of news that comes up, that is, good news or bad news.
Interim supports are at 1200, 1192.50 & 1188.50 with minor supports at 1200.10, 1178.60 & 1168.70.
Interim resistances are at 1214, 1221 & 1239 with minor resistances at 1218.50, 1231.40 & 1240.70.
The daily/weekly trend changer points are at 1259.20/1065.05.
N.b. The psychological support at 1200 remains unbroken as it's only deemed broken at the closing and only seen false breaks thus far.
Get Gold Trading Chat (Android), excerpts from there
It is pondering whether to go for it or try to hold 1200 till at least the end of the week.
Which by then, the indicator would have come off to a low enough level to engineer a recovery back higher.
It is common sense that it is easier to swim with the current than against it.
The medium term trending indicator on the other hand is coming off from a great height and has only retraced a third from the highs towards the parity line.
This could severely limit attempts higher and pressure applied for at least 2 weeks.
The long term directional indicators earlier signal has not been negated yet.
It would need gold to be driven to at least 1190 levels and close there in order to confirm it.
The momentum/volatility indicators are trying to stablise around the 37% mark and if it succeeds in doing that, the volatility might pick up and gold's vigour is renewed.
If that happens, sometimes the movement could be countertrend and we be ascending yet again.
That all hinges on the next batch of news that comes up, that is, good news or bad news.
Interim supports are at 1200, 1192.50 & 1188.50 with minor supports at 1200.10, 1178.60 & 1168.70.
Interim resistances are at 1214, 1221 & 1239 with minor resistances at 1218.50, 1231.40 & 1240.70.
The daily/weekly trend changer points are at 1259.20/1065.05.
N.b. The psychological support at 1200 remains unbroken as it's only deemed broken at the closing and only seen false breaks thus far.
Get Gold Trading Chat (Android), excerpts from there
No comments:
Post a Comment