A clash is going on in the charts right now.
The bulk of the indicators are all showing divergence but a major indicator is on the opposing side.
Going by the divergence alone, then gold should trade to 1200 but if we go by the opposing indicator, then maybe we will see 1150's.
Not helping the situation is the momentum/volatility indicator at ultra low levels and right now, it will more likely be driven by news and other external factors like the US Dollar.
Just as well, we have the FOMC coming up and that will deaden it further with jerky trading ahead, and unchanged is the consensus so we might go back higher after that?
Interim supports are at 1179.30, 1175.50 & 1169.20 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1188.10, 1195 & 1200.50 with minor resistances at 1185, 1191 & 1196.70.
The daily/weekly trend changer point at 1188.60/1157.75. Since it's nearer, we might try to trigger 1188.60 and we might see higher ranges thereafter.
Get Gold Trading Chat, excerpts from there
The bulk of the indicators are all showing divergence but a major indicator is on the opposing side.
Going by the divergence alone, then gold should trade to 1200 but if we go by the opposing indicator, then maybe we will see 1150's.
Not helping the situation is the momentum/volatility indicator at ultra low levels and right now, it will more likely be driven by news and other external factors like the US Dollar.
Just as well, we have the FOMC coming up and that will deaden it further with jerky trading ahead, and unchanged is the consensus so we might go back higher after that?
Interim supports are at 1179.30, 1175.50 & 1169.20 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1188.10, 1195 & 1200.50 with minor resistances at 1185, 1191 & 1196.70.
The daily/weekly trend changer point at 1188.60/1157.75. Since it's nearer, we might try to trigger 1188.60 and we might see higher ranges thereafter.
Get Gold Trading Chat, excerpts from there
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