In the dailies, gold is a tricky position today after yesterday's high was achieved.
Where it is now, gold's faster directional indicators are not looking too optimistic and on the verge of turning back lower.
It will be worse if the closing tomorrow does not surpass the recent high and closes above that, then this up move looks about complete.
Then next week will see gold under pressure with a light touch initial and crumble lower if no more forays higher are done.
However the issue is easily resolved by just closing higher.
The other indicators are still relatively healthy and only lack momentum/volatility, which has not yet built up sufficiently.
In the weeklies is a slower creature with a different temperament and have only a small chink to show for this move up so it is easy to resume it's earlier direction if the market softens again.
Interim supports are at 1106.70, 1099.50 & 1085 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1127.50, 1138.50 & 1163.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1086.75/1189.55.
Get Gold Trading Chat, excerpts from there
Where it is now, gold's faster directional indicators are not looking too optimistic and on the verge of turning back lower.
It will be worse if the closing tomorrow does not surpass the recent high and closes above that, then this up move looks about complete.
Then next week will see gold under pressure with a light touch initial and crumble lower if no more forays higher are done.
However the issue is easily resolved by just closing higher.
The other indicators are still relatively healthy and only lack momentum/volatility, which has not yet built up sufficiently.
In the weeklies is a slower creature with a different temperament and have only a small chink to show for this move up so it is easy to resume it's earlier direction if the market softens again.
Interim supports are at 1106.70, 1099.50 & 1085 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1127.50, 1138.50 & 1163.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1086.75/1189.55.
Get Gold Trading Chat, excerpts from there
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