Rechecking all the indicators earlier today, I was saying yesterday that "Technically, gold is still very much under pressure.......would be complete if 1050......", actually, where it is now, technically the move looks complete as yesterday's closing was not yet factored in but with the closing in place, the move now looks complete.
Simply put, if gold stays at least 1100 and higher, by next week (Weds), we might see gold putting some distance from the lows.
Unless there were some upheavals, it will only be retracements and not that the market turned bullish again.
To maintain the soft bias and see more supports being challenged, then, it needs to continue keeping below 1100 and not dally too long, or it will lose it's fervour.
At this point, no matter which technical/chart that you look at, will only show softness ahead unless you know what to look at and watch out for.
In a slightly longer time frame, gold is still very much under pressure.
Interim supports are at 1100.40, 1095.70 & 1080.70 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1111.70, 1122.20 & 1130.50 with minor resistances at 1123.50, 1132 & 1142.20.
The daily/weekly trend changer points are at 1145.60/1221.55.
Gold Trading Chat, excerpts from there
Simply put, if gold stays at least 1100 and higher, by next week (Weds), we might see gold putting some distance from the lows.
Unless there were some upheavals, it will only be retracements and not that the market turned bullish again.
To maintain the soft bias and see more supports being challenged, then, it needs to continue keeping below 1100 and not dally too long, or it will lose it's fervour.
At this point, no matter which technical/chart that you look at, will only show softness ahead unless you know what to look at and watch out for.
In a slightly longer time frame, gold is still very much under pressure.
Interim supports are at 1100.40, 1095.70 & 1080.70 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1111.70, 1122.20 & 1130.50 with minor resistances at 1123.50, 1132 & 1142.20.
The daily/weekly trend changer points are at 1145.60/1221.55.
Gold Trading Chat, excerpts from there
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