The daily trend changer point was triggered earlier in the NY session which was at 1101.50 despite gold having transverse from the lows manufactured in London.
As usual, NY put on its usual derisive strategy to confound and confuse, causing panic and when you least expect it, pull the aces out of its sleeves.
The medium term trending indicator has started to show a small crook and if it crosses back into the negative territory, gold will be in for another selling off.
To avoid it, regaining 1100 and closing above it is crucial.
However, not in favour are the short term and faster trending indicators which are already showing signs of weariness.
The shrinking momentum/volatility indicators have also started rising again.
In the weeklies, by nature a longer term outlook, has not improved by much and remains scary if prices keep bouncing near the lows and may just pierce through eventually.
A longer term trending indicator in the weeklies was triggered and only it's early stages and maybe keep gold depressed for a longer period than desired.
Interim supports are at 1086, 1081 & 1067.30 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1104.60, 1137 & 1152 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1210.00.
Get Gold Trading Chat, excerpts from there
As usual, NY put on its usual derisive strategy to confound and confuse, causing panic and when you least expect it, pull the aces out of its sleeves.
The medium term trending indicator has started to show a small crook and if it crosses back into the negative territory, gold will be in for another selling off.
To avoid it, regaining 1100 and closing above it is crucial.
However, not in favour are the short term and faster trending indicators which are already showing signs of weariness.
The shrinking momentum/volatility indicators have also started rising again.
In the weeklies, by nature a longer term outlook, has not improved by much and remains scary if prices keep bouncing near the lows and may just pierce through eventually.
A longer term trending indicator in the weeklies was triggered and only it's early stages and maybe keep gold depressed for a longer period than desired.
Interim supports are at 1086, 1081 & 1067.30 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1104.60, 1137 & 1152 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1210.00.
Get Gold Trading Chat, excerpts from there
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