Gold is under continuing downward pressures with the possibly unavoidable rate hike just looming in the horizon.
In all likelihood, it is the Greek conundrum and the momentum/volatility being only in the first gear that is still keeping it from an all hell break loose scenario at the moment.
That is why though it is soft, it is only gently pushing lower.
All the more pity since the dailies and weeklies are both in sync for once with downside bias.
If it continues to be slow moving, the maybe we only get to mid 1120's.
If it becomes a push and shove, then we may even get as low as 1080 in the next 2 weeks.
Our wish may yet be granted as in the dailies, the momentum/volatility indicator just need a nudge (maybe need to break and close below 1140) by at least next Wednesday or it will start looking overbought and scuttle back upwards for a little time (technical adjustment).
Interim supports are at 1142.60, 1118.20 & 1098 with minor supports at 1132.80, 1128.20 & 1124.40.
Interim resistances are at 1155.70, 1170.30 & 1187.50 with minor resistances at 1156.90, 1166.50 & 1177.20.
The daily/weekly trend changing points are at 1163.50/1227.30.
Get Gold Trading Chat, excerpts from there
In all likelihood, it is the Greek conundrum and the momentum/volatility being only in the first gear that is still keeping it from an all hell break loose scenario at the moment.
That is why though it is soft, it is only gently pushing lower.
All the more pity since the dailies and weeklies are both in sync for once with downside bias.
If it continues to be slow moving, the maybe we only get to mid 1120's.
If it becomes a push and shove, then we may even get as low as 1080 in the next 2 weeks.
Our wish may yet be granted as in the dailies, the momentum/volatility indicator just need a nudge (maybe need to break and close below 1140) by at least next Wednesday or it will start looking overbought and scuttle back upwards for a little time (technical adjustment).
Interim supports are at 1142.60, 1118.20 & 1098 with minor supports at 1132.80, 1128.20 & 1124.40.
Interim resistances are at 1155.70, 1170.30 & 1187.50 with minor resistances at 1156.90, 1166.50 & 1177.20.
The daily/weekly trend changing points are at 1163.50/1227.30.
Get Gold Trading Chat, excerpts from there
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