It is scary to imagine the dire consequences of not holding at least 1165 has in itself, been pressurising gold the whole day.
Prices have just been sliding lower since, holding gingerly just at 1150.
Looking at the weeklies, it looks like the beginning of a new onslaught of fresh lows being sought.
There is a trending indicator (medium-long term) that is just being confirmed and may depress prices for the next 2 months.
However, the momentum/volatility is lacking so that might derail that option for now.
As suspected earlier, in the dailies, a breather was being permitted so that the indicators could recover from an oversold position so that maybe new lows can be had.
The momentum/volatility indicator is at a fair level and may reach an excited state in another 2 days if it runs lower (1130), then it comes into a frantic state.
Interim supports are at 1151, 1146.60 & 1121 with minor supports at 1144.60, 1132.80 & 1128.20.
Interim resistances are at 1162.50, 1173 & 1179 with minor resistances at 1166.50, 1170.20 & 1177.20.
The daily/weekly trend changer points are at 1172.60/1227.40.
Get Gold Trading Chat, excerpts from there
Prices have just been sliding lower since, holding gingerly just at 1150.
Looking at the weeklies, it looks like the beginning of a new onslaught of fresh lows being sought.
There is a trending indicator (medium-long term) that is just being confirmed and may depress prices for the next 2 months.
However, the momentum/volatility is lacking so that might derail that option for now.
As suspected earlier, in the dailies, a breather was being permitted so that the indicators could recover from an oversold position so that maybe new lows can be had.
The momentum/volatility indicator is at a fair level and may reach an excited state in another 2 days if it runs lower (1130), then it comes into a frantic state.
Interim supports are at 1151, 1146.60 & 1121 with minor supports at 1144.60, 1132.80 & 1128.20.
Interim resistances are at 1162.50, 1173 & 1179 with minor resistances at 1166.50, 1170.20 & 1177.20.
The daily/weekly trend changer points are at 1172.60/1227.40.
Get Gold Trading Chat, excerpts from there
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