It's nice to be home after almost a week away and I am able to provide my 2 cents worth after reviewing the charts today.
In the dailies, the trending indicator that was pressurising gold lower continues to be the prime motivator.
However, a number of minor to medium term indicators have in fact, trying hard to turn up.
The key is whether gold is able to keep above 1165 at tomorrow's closing for the week.
In fact, one of the medium term trending indicators is having a divergence and if manages to cut back higher, gold has a good a chance of at least 1190.
Having said that, in recent past, every time a crucial closing is required, somehow, it failed miserably and new lows made/rediscovered.
Greece's fate still has relevance market will react accordingly.
Interim supports are at 1155, 1152.70 & 1148.50 with minor supports at 1144.60, 1132.80 & 1130.60.
Interim resistances are at 1166.70, 1176.50 & 1180.70 with minor resistances at 1168.30, 1170.20 & 1177.20.
The daily/weekly trend changer points are at 1180.15/1230.70.
Get Gold Trading Chat, excerpts from there
In the dailies, the trending indicator that was pressurising gold lower continues to be the prime motivator.
However, a number of minor to medium term indicators have in fact, trying hard to turn up.
The key is whether gold is able to keep above 1165 at tomorrow's closing for the week.
In fact, one of the medium term trending indicators is having a divergence and if manages to cut back higher, gold has a good a chance of at least 1190.
Having said that, in recent past, every time a crucial closing is required, somehow, it failed miserably and new lows made/rediscovered.
Greece's fate still has relevance market will react accordingly.
Interim supports are at 1155, 1152.70 & 1148.50 with minor supports at 1144.60, 1132.80 & 1130.60.
Interim resistances are at 1166.70, 1176.50 & 1180.70 with minor resistances at 1168.30, 1170.20 & 1177.20.
The daily/weekly trend changer points are at 1180.15/1230.70.
Get Gold Trading Chat, excerpts from there
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