Gold continues to be stuck in recent ranges and looks set to get tighter and tighter.
The momentum/volatility indicators remain in the "walking dead" zone at the moment and definitely need a good kick in the behind to get it started (doesn't matter which way).
I have been looking at it from different angles and I'm guessing that the malaise could be due to fresh bulls continually being bull-dozed by the long liquidators (biggest suspect - ETFs cutting losses) so much so that the bulls have shied away from the market.
So unless the fundamentals are in support of a longer term bull rally, gold remains in purgatory for some more time.
Otherwise, we will likely see gold poke back above 1200 this week.
Interim supports are at 1181.40, 1176.50 & 1167 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1196, 1202.50 & 1211.40 with minor resistances at 1196.70, 1207.50 & 1210.20.
The daily/weekly trend changer points are at 1211.10/1151.40.
p.s. In case anyone missed me, it was a holiday in Asia yesterday.
Get Gold Trading Chat, excerpts from there
The momentum/volatility indicators remain in the "walking dead" zone at the moment and definitely need a good kick in the behind to get it started (doesn't matter which way).
I have been looking at it from different angles and I'm guessing that the malaise could be due to fresh bulls continually being bull-dozed by the long liquidators (biggest suspect - ETFs cutting losses) so much so that the bulls have shied away from the market.
So unless the fundamentals are in support of a longer term bull rally, gold remains in purgatory for some more time.
Otherwise, we will likely see gold poke back above 1200 this week.
Interim supports are at 1181.40, 1176.50 & 1167 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1196, 1202.50 & 1211.40 with minor resistances at 1196.70, 1207.50 & 1210.20.
The daily/weekly trend changer points are at 1211.10/1151.40.
p.s. In case anyone missed me, it was a holiday in Asia yesterday.
Get Gold Trading Chat, excerpts from there
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