In the dailies, there is an undercurrent beneath the surface.
On the one hand, a medium term trending indicator has cut up and in it's early stages.
So in a sense, the trend is still soft and malleable.
That is, it is possible to be twisted back lower.
However on the other hand, the faster directional indicators will likely be peaking nearer Friday.
It has made some nice recovery from an overdone position, but sadly not in the actual prices themselves.
The momentum/volatility indicators are also in remission but from a very high level and if so required, can easily be reignited and we may have another big move on our hands - second wind effect.
So all eyes are rightly on the FOMC announcement and that is the only impetus of a big movement for now.
The weeklies continue to look thrashed with a lingering scent of the faster directional indicators in the overdone zone and helping to underpin prices around here temporarily.
Interim supports are at 1091.20, 1085.70 & 1076 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1100, 1103 & 1124.50 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
On the one hand, a medium term trending indicator has cut up and in it's early stages.
So in a sense, the trend is still soft and malleable.
That is, it is possible to be twisted back lower.
However on the other hand, the faster directional indicators will likely be peaking nearer Friday.
It has made some nice recovery from an overdone position, but sadly not in the actual prices themselves.
The momentum/volatility indicators are also in remission but from a very high level and if so required, can easily be reignited and we may have another big move on our hands - second wind effect.
So all eyes are rightly on the FOMC announcement and that is the only impetus of a big movement for now.
The weeklies continue to look thrashed with a lingering scent of the faster directional indicators in the overdone zone and helping to underpin prices around here temporarily.
Interim supports are at 1091.20, 1085.70 & 1076 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1100, 1103 & 1124.50 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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