In the daily charts, the short term directional indicators have pushed upwards and past the 50% mark again and this could well be the dying throes as the possibility of the FOMC interest rate hike is rearing its head again.
The medium term trending indicator is very near to the parity line and just needs gold to push to 1225 and close below there and it would have made contact.
The long term directional indicator although in a stasis but is gently nudged lower due to the lack of follow through buying.
It will take some more time before clear indication of the next major move is confirmed.
The momentum/volatility has scaled by loads and unless there are news sustaining strong moves, things might just quieten down for a bit while waiting for the next earth-shaking news.
Taking a peek at the weekly charts, noticeably, the medium trending indicator, looks ripe for the plucking, poised very perfectly and nicely for a major sell off, that is, if gold closes below 1210 by week's end.
Interim supports are at 1250, 1238 & 1226.50 with minor supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1259, 1263.50 & 1275 with minor resistances at 1263.30, 1272.70 & 1278.30.
The daily/weekly trend changer points 1277.05/1137.20.
Get Gold Trading Chat (Android), excerpts from there
The medium term trending indicator is very near to the parity line and just needs gold to push to 1225 and close below there and it would have made contact.
The long term directional indicator although in a stasis but is gently nudged lower due to the lack of follow through buying.
It will take some more time before clear indication of the next major move is confirmed.
The momentum/volatility has scaled by loads and unless there are news sustaining strong moves, things might just quieten down for a bit while waiting for the next earth-shaking news.
Taking a peek at the weekly charts, noticeably, the medium trending indicator, looks ripe for the plucking, poised very perfectly and nicely for a major sell off, that is, if gold closes below 1210 by week's end.
Interim supports are at 1250, 1238 & 1226.50 with minor supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1259, 1263.50 & 1275 with minor resistances at 1263.30, 1272.70 & 1278.30.
The daily/weekly trend changer points 1277.05/1137.20.
Get Gold Trading Chat (Android), excerpts from there
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