The momentum/volatility indicators in the dailies are at it's highest levels since 2012 and it is not able to secure the 1100's (soft).
However, if the slam doesn't happen soon enough, by mid next week at the latest, and wanders back above 1100, gold will start looking over done and give us cause for some recovery.
In the weeklies, this move is just in its infancy and if it plays out as if it's a textbook case study, then, potentially 793 is where the move's objective is, where we are headed, but that's on a longer term basis, maybe will take 4 to 5 months to achieve.
Otherwise without new lows being made, some of the indicators in the dailies are looking weary and feeble attempts are being made to turn them up and over some time, the feeble attempts grows stronger and then we have our recovery, albeit a minor one. (Cover the gap - gap theory?)
Interim supports are at 1082, 1079.80, & 1074 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1093, 1097.50 & 1108.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1134.10/1221.55.
Get Gold Trading Chat, excerpts from there
However, if the slam doesn't happen soon enough, by mid next week at the latest, and wanders back above 1100, gold will start looking over done and give us cause for some recovery.
In the weeklies, this move is just in its infancy and if it plays out as if it's a textbook case study, then, potentially 793 is where the move's objective is, where we are headed, but that's on a longer term basis, maybe will take 4 to 5 months to achieve.
Otherwise without new lows being made, some of the indicators in the dailies are looking weary and feeble attempts are being made to turn them up and over some time, the feeble attempts grows stronger and then we have our recovery, albeit a minor one. (Cover the gap - gap theory?)
Interim supports are at 1082, 1079.80, & 1074 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1093, 1097.50 & 1108.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1134.10/1221.55.
Get Gold Trading Chat, excerpts from there
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