It is saddening (maybe maddening as well) to see gold expend so much effort to try to hold it steady above the 1200 so that the dailies and weeklies both will start looking positive but it would have taken enormous effort to have brought it above 1210.
So in a sense, someone was looking for a cheap alternative to make the market start looking positive.
Woe is to the bulls as gold has now poked below 1200's but that could be a ploy to weed out the weak longs.
Having said that, all is not lost as we only need at closing above 1205 and the "damage" done by the foray lower would have been erased.
Interim supports are at 1194, 1190.70 & 1185.70 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances at 1201.80, 1210.40 & 1217 with minors at 1207.50, 1218.50 & 1221.70.
The daily/weekly trend changer points are at 1221/1224.10.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
So in a sense, someone was looking for a cheap alternative to make the market start looking positive.
Woe is to the bulls as gold has now poked below 1200's but that could be a ploy to weed out the weak longs.
Having said that, all is not lost as we only need at closing above 1205 and the "damage" done by the foray lower would have been erased.
Interim supports are at 1194, 1190.70 & 1185.70 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances at 1201.80, 1210.40 & 1217 with minors at 1207.50, 1218.50 & 1221.70.
The daily/weekly trend changer points are at 1221/1224.10.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
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