Gold opened near Friday's closing in Asia and didn't do very much until the Chinese stocks started diving to down 5% and made a feeble attempt higher.
The sell off didn't stir much interest even when the composite was down 8.5% and gold shrugged off the news and made its way softer again.
It could have at least taken out the daily trend changer point located at just 1109.05, and some recovery would have been very likely assured.
However, the good news is, the point will be lower tomorrow.
At this point, a medium term trend indicator is trying to turn back higher but needs a closing of at least 1100 or it will start to waver.
Once the turning is confirmed, then we may poke as high as 1130.
There appears to be a divergence, albeit a small one, in the momentum/volatility indicator.
Looking at the height of that now, it might cause gold to pull back to at least 1150 when it goes back the other way and re-syncs itself.
Interim supports are at 1088.60, 1078.70 & 1068.20 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1109.50, 1112.30 & 1142.20 with minor resistances at 1123.20, 1132 & 1143.
The weekly trend changer point is at 1210.00.
Get Gold Trading Chat, excerpts from there
The sell off didn't stir much interest even when the composite was down 8.5% and gold shrugged off the news and made its way softer again.
It could have at least taken out the daily trend changer point located at just 1109.05, and some recovery would have been very likely assured.
However, the good news is, the point will be lower tomorrow.
At this point, a medium term trend indicator is trying to turn back higher but needs a closing of at least 1100 or it will start to waver.
Once the turning is confirmed, then we may poke as high as 1130.
There appears to be a divergence, albeit a small one, in the momentum/volatility indicator.
Looking at the height of that now, it might cause gold to pull back to at least 1150 when it goes back the other way and re-syncs itself.
Interim supports are at 1088.60, 1078.70 & 1068.20 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1109.50, 1112.30 & 1142.20 with minor resistances at 1123.20, 1132 & 1143.
The weekly trend changer point is at 1210.00.
Get Gold Trading Chat, excerpts from there
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