Well another week has almost come to past with a good range logged.
In the daily charts, the short term directional indicators are bearing signs of weakness and around the 60% mark.
It may need for gold to test and close below 1215 before the earlier direction is overridden.
The height where it is now, will permit gold to have a chance to revisit 1190 next week.
The medium term trending indicator gentle curving up has pulled lower and resuming its earlier bias.
The long term directional indicators have now crossed over into the consolidation zone and new developments will reshape the new direction and at the earliest, in 2 weeks's time will become clearer.
The momentum/volatility indicators are at the 40% mark and holding so it's supportive of bigger moves/ranges if it so desired.
Interim supports are at 1222.50, 1219 & 1200 with minor supports at 1218.40, 1208.80 & 1204.70.
Interim resistances are at 1229.50, 1247.50 & 1257.50 with minor resistances at 1238, 1242 & 1251.70.
The daily/weekly trend changer points are at 1192.85/1076.80.
Note. There is a cloud of support around the 1190 and if following strictly to the application of this technical, it will be vulnerable in May when it's at it's thinnest point.
p.s. Mib will be away for a week and maybe back only on the 11th.
Get Gold Trading Chat (Android), excerpts from there
In the daily charts, the short term directional indicators are bearing signs of weakness and around the 60% mark.
It may need for gold to test and close below 1215 before the earlier direction is overridden.
The height where it is now, will permit gold to have a chance to revisit 1190 next week.
The medium term trending indicator gentle curving up has pulled lower and resuming its earlier bias.
The long term directional indicators have now crossed over into the consolidation zone and new developments will reshape the new direction and at the earliest, in 2 weeks's time will become clearer.
The momentum/volatility indicators are at the 40% mark and holding so it's supportive of bigger moves/ranges if it so desired.
Interim supports are at 1222.50, 1219 & 1200 with minor supports at 1218.40, 1208.80 & 1204.70.
Interim resistances are at 1229.50, 1247.50 & 1257.50 with minor resistances at 1238, 1242 & 1251.70.
The daily/weekly trend changer points are at 1192.85/1076.80.
Note. There is a cloud of support around the 1190 and if following strictly to the application of this technical, it will be vulnerable in May when it's at it's thinnest point.
p.s. Mib will be away for a week and maybe back only on the 11th.
Get Gold Trading Chat (Android), excerpts from there
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