What a nice performance we have seen in gold today on the back of the unemployment data which remains relatively unchanged from the previous week which caused USD to ease and the ripple effect of gold being bought up as a hedge.
In the Asian hours, I took a reading of the charts showing that a play on the higher side could have been a possibility, has now come true.
Looking more keenly now, the momentum indicators in the dailies have not built up to urgent levels yet.
If they remained at the current levels then maybe 1220-25 might present some barrier at the moment.
A date to watch out for will be where gold will be by 27 May, to be above 1220. Then, that will translate into gold tending higher, possibly 1280 could be tested in the next month or so.
In the event the momentum does not build up, then we should start for lower soon, maybe back to 1190.
Interim supports are at 1208, 1202.80 & 1198 with minor supports at 1208.80, 1204.70 & 1200
Interim resistance at 1219.70, 1227.50 & 1238 with minors at 1218.50, 1221.70 & 1241.
The daily/weekly trend changer points are at 1167/1140 (estimated - both were triggered in this session) Since it's triggered, what more, both the weekly/daily, we might see higher for at least 1 month.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
In the Asian hours, I took a reading of the charts showing that a play on the higher side could have been a possibility, has now come true.
Looking more keenly now, the momentum indicators in the dailies have not built up to urgent levels yet.
If they remained at the current levels then maybe 1220-25 might present some barrier at the moment.
A date to watch out for will be where gold will be by 27 May, to be above 1220. Then, that will translate into gold tending higher, possibly 1280 could be tested in the next month or so.
In the event the momentum does not build up, then we should start for lower soon, maybe back to 1190.
Interim supports are at 1208, 1202.80 & 1198 with minor supports at 1208.80, 1204.70 & 1200
Interim resistance at 1219.70, 1227.50 & 1238 with minors at 1218.50, 1221.70 & 1241.
The daily/weekly trend changer points are at 1167/1140 (estimated - both were triggered in this session) Since it's triggered, what more, both the weekly/daily, we might see higher for at least 1 month.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
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