In the daily charts, the short term directional indicators are dribbling lower now and reached the 35% mark now.
In case you missed it, prices hadn't come off but the former has dribbled lower.
By tomorrow, if it goes anywhere near to the oversold zone but prices are not relative to that, then next week will see it rebound back higher and if luck be with it, pull gold higher as well and some well deserved recovery.
The medium term trending indicators are under tremendous pressure as it was abruptly jerked off course at the highs.
The pressure will continue for at least a week or two and the parity line maybe threatened then.
The long term directional indicators are almost at game point, just need another 2 points to negate the bullish overtures.
Usually the last bit is a challenge before it goes or doesn't go over the edge. So some deliberation time maybe on the cards.
The momentum/volatility indicators are looking spent but not yet faded into nothingness and still at a level where it is easily rekindled.
Interim supports are at 1202.50, 1198 & 1193 with minor supports at 1204.70,1200.10 & 1178.60.
Interim resistances are at 1212, 1216 & 1223.50 with minor resistances at 1218.50, 1231.40 & 1240.70.
The daily/weekly trend changer points are at 1257.85/1065.05.
Get Gold Trading Chat (Android), excerpts from there
In case you missed it, prices hadn't come off but the former has dribbled lower.
By tomorrow, if it goes anywhere near to the oversold zone but prices are not relative to that, then next week will see it rebound back higher and if luck be with it, pull gold higher as well and some well deserved recovery.
The medium term trending indicators are under tremendous pressure as it was abruptly jerked off course at the highs.
The pressure will continue for at least a week or two and the parity line maybe threatened then.
The long term directional indicators are almost at game point, just need another 2 points to negate the bullish overtures.
Usually the last bit is a challenge before it goes or doesn't go over the edge. So some deliberation time maybe on the cards.
The momentum/volatility indicators are looking spent but not yet faded into nothingness and still at a level where it is easily rekindled.
Interim supports are at 1202.50, 1198 & 1193 with minor supports at 1204.70,1200.10 & 1178.60.
Interim resistances are at 1212, 1216 & 1223.50 with minor resistances at 1218.50, 1231.40 & 1240.70.
The daily/weekly trend changer points are at 1257.85/1065.05.
Get Gold Trading Chat (Android), excerpts from there
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