Gold has finally succumbed to the pressure and broken under the surface, 1150, for now.
What it makes of it, will be left to its own devices unless there were news with risk-worthy hedging required, that will then make it pop back higher.
The natural inclinations with the current technical backdrop is, more easing of prices for the next 2 to 3 months.
However, the rate of descent will likely be measured and laboured unless funds get in on the act to drive up the momentum/volatility and then the show becomes spectacular.
Interim supports are at 1146.60, 1121.50 & 1100.50 with minor supports at 1144.60, 1132.80 & 1128.20.
Interim resistances are at 1159.70, 1170.50, 1174.30 with minor resistances at 1157, 1166.50 & 1177.20.
The daily/weekly trend changer points are at 1166.80/1227.40.
Get Gold Trading Chat, excerpts from there
What it makes of it, will be left to its own devices unless there were news with risk-worthy hedging required, that will then make it pop back higher.
The natural inclinations with the current technical backdrop is, more easing of prices for the next 2 to 3 months.
However, the rate of descent will likely be measured and laboured unless funds get in on the act to drive up the momentum/volatility and then the show becomes spectacular.
Interim supports are at 1146.60, 1121.50 & 1100.50 with minor supports at 1144.60, 1132.80 & 1128.20.
Interim resistances are at 1159.70, 1170.50, 1174.30 with minor resistances at 1157, 1166.50 & 1177.20.
The daily/weekly trend changer points are at 1166.80/1227.40.
Get Gold Trading Chat, excerpts from there
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