Rightfully, the natural reaction to the FOMC announcement would have been, interest rates due to go up, then, sell the gold.
In a sense, that was done.
Gold started easing in Asia and into London hours.
However, NY being NY, usually do not like to follow others footsteps and sometimes, purposefully create an alternative path before resuming to their true intent especially when others are at opposing positions.
The medium term trending indicator was sagging earlier when I checked it when gold was at the lowest, that is, not yet been overrun.
Just as well it held the market there and pushed higher in the NY session.
However, a few of the other faster directional indicators are almost in the peaking zone, that is almost like climbing the side of a wall and then balancing on the roof's edge - not yet over, so in danger of slipping and falling down.
In order to be over it, gold must close above 1100 or else it is more like it's being set up for a sell off.
Bring it near there (1100) and create the sensation that gold was going to rocket back higher.
Interim supports are at 1088, 1085.50 & 1079 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1094.50, 1099 & 1103.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1101.50/1210.
Watch The Charts (1101.50 - trigger).
Get Gold Trading Chat, excerpts from there
In a sense, that was done.
Gold started easing in Asia and into London hours.
However, NY being NY, usually do not like to follow others footsteps and sometimes, purposefully create an alternative path before resuming to their true intent especially when others are at opposing positions.
The medium term trending indicator was sagging earlier when I checked it when gold was at the lowest, that is, not yet been overrun.
Just as well it held the market there and pushed higher in the NY session.
However, a few of the other faster directional indicators are almost in the peaking zone, that is almost like climbing the side of a wall and then balancing on the roof's edge - not yet over, so in danger of slipping and falling down.
In order to be over it, gold must close above 1100 or else it is more like it's being set up for a sell off.
Bring it near there (1100) and create the sensation that gold was going to rocket back higher.
Interim supports are at 1088, 1085.50 & 1079 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1094.50, 1099 & 1103.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1101.50/1210.
Watch The Charts (1101.50 - trigger).
Get Gold Trading Chat, excerpts from there
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