What a nice run gold has had off the FOMC announcement and have been climbing steadily.
One crucial indicator in the daily was beaten down yesterday but has since not only resumed its earlier path, and has even surpassed earlier levels such that it has come to an important level and if gold closes above 1200.
Well and good, then it will likely be able to push off higher afterwards, maybe to 1220.
However, with the rapid rise but with low momentum/volatility, the other indicators are almost reaching peak levels, probably by the middle of next week so that doesn't leave too much upside playtime unless the momentum kicks in which will open a new dimension to range/play.
So hopefully the euphoria maintains so that we see at least 1220.
Interim supports are at 1197, 1191 & 1186 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1205, 1221 & 1238 with minor resistances at 1207.50, 1210.20 & 1218.50.
The daily/weekly trend changer points are at 1163.90/1157.70.
Get Gold Trading Chat, excerpts from there
One crucial indicator in the daily was beaten down yesterday but has since not only resumed its earlier path, and has even surpassed earlier levels such that it has come to an important level and if gold closes above 1200.
Well and good, then it will likely be able to push off higher afterwards, maybe to 1220.
However, with the rapid rise but with low momentum/volatility, the other indicators are almost reaching peak levels, probably by the middle of next week so that doesn't leave too much upside playtime unless the momentum kicks in which will open a new dimension to range/play.
So hopefully the euphoria maintains so that we see at least 1220.
Interim supports are at 1197, 1191 & 1186 with minor supports at 1178.60, 1168.70 & 1161.50.
Interim resistances are at 1205, 1221 & 1238 with minor resistances at 1207.50, 1210.20 & 1218.50.
The daily/weekly trend changer points are at 1163.90/1157.70.
Get Gold Trading Chat, excerpts from there
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