In the dailies, the trend changer point was triggered almost 1 month back and slowly creeping higher after that and resting at 1094.25 today.
Gold should have taken a greater advantage by pushing higher instead of just coasting higher on a leisurely pace.
The faster short term directional indicators have just turned or crooked, adding some light pressure.
The medium term trending indicator is still fine if we manage to test and best if closes above 1120's.
The daily highs/closes must be above that of the previous day if the trend can be maintained in the interim.
If gold stays below 1120 or worse, close below 1110, then, even that would have turned.
The weekly charts continue improving marginally and so far, nothing to suggest any strong moves for now on it's own merits.
Interim supports are at 1109.50, 1105.50 & 1084.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1124.50, 1128.80 & 1131.50 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1180.55.
Get Gold Trading Chat, excerpts from there
Gold should have taken a greater advantage by pushing higher instead of just coasting higher on a leisurely pace.
The faster short term directional indicators have just turned or crooked, adding some light pressure.
The medium term trending indicator is still fine if we manage to test and best if closes above 1120's.
The daily highs/closes must be above that of the previous day if the trend can be maintained in the interim.
If gold stays below 1120 or worse, close below 1110, then, even that would have turned.
The weekly charts continue improving marginally and so far, nothing to suggest any strong moves for now on it's own merits.
Interim supports are at 1109.50, 1105.50 & 1084.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1124.50, 1128.80 & 1131.50 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1180.55.
Get Gold Trading Chat, excerpts from there
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