If anybody missed me, I was away for some urgent meetings the past few days.
Anyway, gold has moved nicely lower pressured by the improving job figures which triggered dollar strengthening and gold's weakness.
Most of the analysts are focusing on these week's job figures and most are guessing they will be better than last week's numbers which means they are favouring a further slide in gold prices.
On the technical side in the dailies, the only issue with the fundamental view is, the momentum/volatility is not yet in the "urgent" mode and a struggle to head lower with some of the medium term indicators on the verge of being confirmed, or will it confirm and not turn out to be a dud?
Due to the slow movement, a divergence is taking shape and if it manages to trade back above 1180 and close above, then it might just snap back to 1200's.
Interim supports are at 1169.30, 1165.50 & 1157.70 with minor supports at 1168.70, 1161.50 & 1144.60.
Interim resistances are at 1178.60, 1182.40 & 1188.20 with minor resistances at 1177.15, 1180.70 & 1183.50.
The daily/weekly trend changer points are at 1205.40/1154.60.
Get Gold Trading Chat, excerpts from there
Anyway, gold has moved nicely lower pressured by the improving job figures which triggered dollar strengthening and gold's weakness.
Most of the analysts are focusing on these week's job figures and most are guessing they will be better than last week's numbers which means they are favouring a further slide in gold prices.
On the technical side in the dailies, the only issue with the fundamental view is, the momentum/volatility is not yet in the "urgent" mode and a struggle to head lower with some of the medium term indicators on the verge of being confirmed, or will it confirm and not turn out to be a dud?
Due to the slow movement, a divergence is taking shape and if it manages to trade back above 1180 and close above, then it might just snap back to 1200's.
Interim supports are at 1169.30, 1165.50 & 1157.70 with minor supports at 1168.70, 1161.50 & 1144.60.
Interim resistances are at 1178.60, 1182.40 & 1188.20 with minor resistances at 1177.15, 1180.70 & 1183.50.
The daily/weekly trend changer points are at 1205.40/1154.60.
Get Gold Trading Chat, excerpts from there
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