In the daily charts, the short term directional indicators has righted and pulled itself up and touching the 40% mark now.
If all goes well, it will provide temporary relief from the recent sell off and pull back toward 1257.50 and trigger off the daily trend changer point located there for today.
The medium term trending indicators has also managed to cut up with a slight upward bias and if luck has it, we will be testing the parity line from below and if it succeeds, then at least 1300 maybe attempted in the medium term.
The long term directional indicators which earlier were southwards bearing, have now cancelled the signal with the move last night and so, might take some time before a new trend emerge or a continuation will follow on if it goes back below sub 1220's.
The momentum/volatility indicators are holding current levels nicely with the decay abated and would make for an easy recovery and easy to pick up where it left off earlier on.
Initial supports are at 1233, 1230.50 & 1220.50 with minor supports at 1228, 1218.40 & 1208.80.
Initial resistances are at 1256, 1261 & 1279.50 with minor resistances at 1251.70, 1268.30 & 1272.70.
The weekly trend changer point is at 1151.75.
Get Gold Trading Chat (Android), excerpts from there
If all goes well, it will provide temporary relief from the recent sell off and pull back toward 1257.50 and trigger off the daily trend changer point located there for today.
The medium term trending indicators has also managed to cut up with a slight upward bias and if luck has it, we will be testing the parity line from below and if it succeeds, then at least 1300 maybe attempted in the medium term.
The long term directional indicators which earlier were southwards bearing, have now cancelled the signal with the move last night and so, might take some time before a new trend emerge or a continuation will follow on if it goes back below sub 1220's.
The momentum/volatility indicators are holding current levels nicely with the decay abated and would make for an easy recovery and easy to pick up where it left off earlier on.
Initial supports are at 1233, 1230.50 & 1220.50 with minor supports at 1228, 1218.40 & 1208.80.
Initial resistances are at 1256, 1261 & 1279.50 with minor resistances at 1251.70, 1268.30 & 1272.70.
The weekly trend changer point is at 1151.75.
Get Gold Trading Chat (Android), excerpts from there
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