As if on queue with the good closing last Friday, gold poked higher just as the early Europeans joined the market.
That was despite most of Asia dis-hoarding earlier and it resisted the onslaught of sales to hold above 1220 and spring board off there later.
Looking at the dailies, early weariness has started to show in 30% of the indicators but these can be easily overcome by continually having higher closes than the preceding day.
What it needs now more than ever is, sustainable momentum/volatility to carry it northwards, which is evidently missing.
It doesn't matter how positive/negative it looks, if the "fuel" is missing, it just won't burn and might just crash instead.
Interim supports are at 1216, 1211.20 & 1202 with minor supports at 1212.60, 1208.80 & 1204.70.
Interim resistances are at 1231.50, 1238.70 & 1242.40 with minors at 1238, 1240.70 & 1251.70.
The daily/weekly trend changer points are at 1175.55/1144.55.
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That was despite most of Asia dis-hoarding earlier and it resisted the onslaught of sales to hold above 1220 and spring board off there later.
Looking at the dailies, early weariness has started to show in 30% of the indicators but these can be easily overcome by continually having higher closes than the preceding day.
What it needs now more than ever is, sustainable momentum/volatility to carry it northwards, which is evidently missing.
It doesn't matter how positive/negative it looks, if the "fuel" is missing, it just won't burn and might just crash instead.
Interim supports are at 1216, 1211.20 & 1202 with minor supports at 1212.60, 1208.80 & 1204.70.
Interim resistances are at 1231.50, 1238.70 & 1242.40 with minors at 1238, 1240.70 & 1251.70.
The daily/weekly trend changer points are at 1175.55/1144.55.
Check Out Gold Trading Chat
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