Well what do you know?
It's that time of the month again.
It's FOMC time.
I was wondering what happened to all the nice volume/volatility seen this past week, it couldn't have gone out the window so quickly.
If it means anything, one medium term indicator in the daily charts have just confirmed cutting up, for the higher, but the FOMC is the final decider on the next move/direction.
Looking at the way it is stacked, there is less resistance if gold were to poke higher from here.
For the way down, if the move is made too early then the indicators will have already looked overdone before you can say the word "go" and a struggle lower.
It will be good if selling happens on Friday as the technicals would have adjusted sufficiently for a new sell down.
Interim supports are at 1092.50, 1084 & 1074 and minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1101, 1104.50, 1111.40 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1104.90/1210.
Get Gold Trading Chat, excerpts from there
It's that time of the month again.
It's FOMC time.
I was wondering what happened to all the nice volume/volatility seen this past week, it couldn't have gone out the window so quickly.
If it means anything, one medium term indicator in the daily charts have just confirmed cutting up, for the higher, but the FOMC is the final decider on the next move/direction.
Looking at the way it is stacked, there is less resistance if gold were to poke higher from here.
For the way down, if the move is made too early then the indicators will have already looked overdone before you can say the word "go" and a struggle lower.
It will be good if selling happens on Friday as the technicals would have adjusted sufficiently for a new sell down.
Interim supports are at 1092.50, 1084 & 1074 and minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1101, 1104.50, 1111.40 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1104.90/1210.
Get Gold Trading Chat, excerpts from there
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