What a fantastic move gold has had since the NY opening bell. It has been a one way ticket lower so far after the uneventful and of late, repetitive FOMC announcements.
As much as I had feared it, in the dailies and the weeklies, we have entered into a "kissing" period and direction remains jittery at best, as the indicators keep crisscrossing each other at every turn.
With a drought of earth shaking news, gold is trapped in a range. That is until, the momentum/volatility indicators reach sufficient sustainable levels and, we might see a breakthrough then.
With this move lower, gold again looks pressured and hopefully we see a new low this round - at least 1160.
Interim supports are at 1174.40, 1154.20 & 1138.70 with minor supports at 1168.70, 1161.50 & 1144.60.
Interim resistances at 1185.60, 1190.20 & 1197.70 with minors at 1185, 1191 & 1196.65.
The daily/weekly trend changer points are at 1176.30/1216 with the daily almost being triggered earlier.
To all my friends in the commonwealth nations, a Happy Labour Day.
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