Gold is well below 1095 and I am waiting for the slam to happen.
Maybe the market is just waiting to do the last minute dash, in the last moments of the market, give it a shove into a bad closing and let the Monday revellers continue the course set and see how far it goes from there.
However, if NY abandoned the work done in Asian hours and close 1095 or higher, then we should be weary as a medium strength indicator would start looking chirpy in the dailies and may herald some recovery by next Wednesday.
Besides that, a bunch of the faster technicals are in the process of turning up and showing that we should have some recovery in the short term.
The momentum/volatility indicator has not increased with today's move with a small divergence in it.
Coming to the weeklies, although it looks super heavy, there is a slight tinge of looking overdone appearing in just a couple of indicators so that might put the brakes on in the short term.
Interim supports are at 1076.50, 1068.80, & 1062 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1087.50, 1096.50 & 1108 with minor resistances at 1085, 1123 & 1132.
The daily/weekly trend changer points are at 1117.05/1221.55.
Get Gold Trading Chat, excerpts from there
Maybe the market is just waiting to do the last minute dash, in the last moments of the market, give it a shove into a bad closing and let the Monday revellers continue the course set and see how far it goes from there.
However, if NY abandoned the work done in Asian hours and close 1095 or higher, then we should be weary as a medium strength indicator would start looking chirpy in the dailies and may herald some recovery by next Wednesday.
Besides that, a bunch of the faster technicals are in the process of turning up and showing that we should have some recovery in the short term.
The momentum/volatility indicator has not increased with today's move with a small divergence in it.
Coming to the weeklies, although it looks super heavy, there is a slight tinge of looking overdone appearing in just a couple of indicators so that might put the brakes on in the short term.
Interim supports are at 1076.50, 1068.80, & 1062 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1087.50, 1096.50 & 1108 with minor resistances at 1085, 1123 & 1132.
The daily/weekly trend changer points are at 1117.05/1221.55.
Get Gold Trading Chat, excerpts from there
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