Gold is trapped at the moment as the signals continue to confound and contradict each other at every turn.
It needs to re-synchronise before a clearer direction becomes evident.
In the daily charts, the short term directional indicators which was open-jawed yesterday has managed to cut back higher, albeit at the 50% mark leaving it with less manoeuvrable room should it trade higher.
The medium term trending indicator continues its passage lower with no signs of recovering too high due to the steep decline and if 1260 is not surpassed soon, it will start looking more divergent each time it creeps higher in purposeless forays.
Whereas in the longer term directional indicators have been preempted and a period of consolidation might ensue as it takes time to readjust and then a new trend will be able emerge thereafter.
The momentum/volatility are leaking out as quickly as it seeped in and currently around the 30% level which should yield some nice ranges but not enough to cause it to run too far off.
Interim supports are at 1221, 1213 & 1194.50 with minor supports at 1218.40, 1208.80 & 1200.10.
Interim resistances are at 1235.50, 1251 & 1274.50 with minor resistances at 1238, 1242 & 1251.70.
The daily/weekly trend changer points are at 1253.85/1076.80.
Get Gold Trading Chat (Android), excerpts from there
It needs to re-synchronise before a clearer direction becomes evident.
In the daily charts, the short term directional indicators which was open-jawed yesterday has managed to cut back higher, albeit at the 50% mark leaving it with less manoeuvrable room should it trade higher.
The medium term trending indicator continues its passage lower with no signs of recovering too high due to the steep decline and if 1260 is not surpassed soon, it will start looking more divergent each time it creeps higher in purposeless forays.
Whereas in the longer term directional indicators have been preempted and a period of consolidation might ensue as it takes time to readjust and then a new trend will be able emerge thereafter.
The momentum/volatility are leaking out as quickly as it seeped in and currently around the 30% level which should yield some nice ranges but not enough to cause it to run too far off.
Interim supports are at 1221, 1213 & 1194.50 with minor supports at 1218.40, 1208.80 & 1200.10.
Interim resistances are at 1235.50, 1251 & 1274.50 with minor resistances at 1238, 1242 & 1251.70.
The daily/weekly trend changer points are at 1253.85/1076.80.
Get Gold Trading Chat (Android), excerpts from there
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