Having a close below the 1140 seemed to do the trick with sellers elicited and stops were being gunned down by High Frequency Traders which saw gold plummet from 1130 to 1080 (futures) in the span of 1 minute.
In both the daily & weekly, gold has traded below movable bands 1116/1112.
When this happens, it must be "run" away but if at the closing, it manages to claw back and close back in the band, at this point, usually retracements would follow, that is, failure to break away.
So potentially it may recover to 1147/1165.
Technically, gold is still very much under pressure and the daily suggest that the down move would be complete if 1050 is achieved in the short term.
Otherwise it will start looking oversold.
The weeklies paint a more dire picture but that is in the longer term.
Interim supports are at 1100.50, 1095 & 1090 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1119, 1123 & 1126 with minor resistances at 1132, 1133.50 & 1142.20.
The daily/weekly trend changer points are at 1154.80/1221.55.
Get Gold Trading Chat, excerpts from there
In both the daily & weekly, gold has traded below movable bands 1116/1112.
When this happens, it must be "run" away but if at the closing, it manages to claw back and close back in the band, at this point, usually retracements would follow, that is, failure to break away.
So potentially it may recover to 1147/1165.
Technically, gold is still very much under pressure and the daily suggest that the down move would be complete if 1050 is achieved in the short term.
Otherwise it will start looking oversold.
The weeklies paint a more dire picture but that is in the longer term.
Interim supports are at 1100.50, 1095 & 1090 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1119, 1123 & 1126 with minor resistances at 1132, 1133.50 & 1142.20.
The daily/weekly trend changer points are at 1154.80/1221.55.
Get Gold Trading Chat, excerpts from there
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