Gold is trending a little today, hit bottom and bounced off the lows like a ping pong on the floor.
It has only been on a one way track upwards since.
There were suggestions that gold has been rising due to Greece's likely default (old news).
However, I would like to think it's more the banking news that's causing some shaking.
HSBC job cuts, quite a few downgrades happening, maybe that is a prelude to another crunch looming?
I leave the story-tellers to make up the fundamentals.
For now, the dailies look a whole lot better than it did when gold was treading 1170's and the medium/long term indicator that threatened, has been temporarily neutralised, depends if it closes above 1190 means 1200 and slightly above thereafter.
Interim supports are at 1182, 1167 & 1160 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1195, 1197, & 1201.70 with minor resistances at 1196.70, 1207.50 & 1210.20.
The daily/weekly trend changer points are at 1195.70/1154.60.
p.s. my friend flashed me the silver ETF charts earlier, I can only say, OMG, it has been quietly been increasing at almost a 45 degree angle for the past week - nice. Hope it goes for a good run up.
Get Gold Trading Chat, excerpts from there
It has only been on a one way track upwards since.
There were suggestions that gold has been rising due to Greece's likely default (old news).
However, I would like to think it's more the banking news that's causing some shaking.
HSBC job cuts, quite a few downgrades happening, maybe that is a prelude to another crunch looming?
I leave the story-tellers to make up the fundamentals.
For now, the dailies look a whole lot better than it did when gold was treading 1170's and the medium/long term indicator that threatened, has been temporarily neutralised, depends if it closes above 1190 means 1200 and slightly above thereafter.
Interim supports are at 1182, 1167 & 1160 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1195, 1197, & 1201.70 with minor resistances at 1196.70, 1207.50 & 1210.20.
The daily/weekly trend changer points are at 1195.70/1154.60.
p.s. my friend flashed me the silver ETF charts earlier, I can only say, OMG, it has been quietly been increasing at almost a 45 degree angle for the past week - nice. Hope it goes for a good run up.
Get Gold Trading Chat, excerpts from there
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