The daily trend changer point was compromised in yesterday's brief rally above 1250.
However, due to a lack of sustaining power, it promptly eased off the highs and makes a nicer drawing of the divergence then if it had not gone above 1250.
In the daily charts, the short term directional indicators are just around the 65% mark and wavering as the gradient is decaying and showing some signs of turning down but the gap between the 2 indicators is still wide.
The medium term trending indicators are showing slight support for gold as a crook has appeared and may try to turn up from here.
The longer term directional indicators are still meshed together and unable to make a clean break until it moves sufficiently from current levels like 1260 or 1200.
The momentum/volatility indicators are at a tipping point.
That is, the heat is easily turned up if so required, we just need fresh catalysts.
Interim supports are at 1230.50, 1223 & 1220 with minor supports at 1224.10, 1218.40 & 1208.80.
Interim resistances are at 1245.50, 1257.50 & 1282.50 with minor resistances at 1242, 1251.70 & 1268.30.
The daily/weekly trend changer points are at 1191.65/1076.80.
Get Gold Trading Chat (Android), excerpts from there
However, due to a lack of sustaining power, it promptly eased off the highs and makes a nicer drawing of the divergence then if it had not gone above 1250.
In the daily charts, the short term directional indicators are just around the 65% mark and wavering as the gradient is decaying and showing some signs of turning down but the gap between the 2 indicators is still wide.
The medium term trending indicators are showing slight support for gold as a crook has appeared and may try to turn up from here.
The longer term directional indicators are still meshed together and unable to make a clean break until it moves sufficiently from current levels like 1260 or 1200.
The momentum/volatility indicators are at a tipping point.
That is, the heat is easily turned up if so required, we just need fresh catalysts.
Interim supports are at 1230.50, 1223 & 1220 with minor supports at 1224.10, 1218.40 & 1208.80.
Interim resistances are at 1245.50, 1257.50 & 1282.50 with minor resistances at 1242, 1251.70 & 1268.30.
The daily/weekly trend changer points are at 1191.65/1076.80.
Get Gold Trading Chat (Android), excerpts from there
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