The word Shemitah was whispered around dealing rooms as being the reason we are seeing what we are seeing in global events but it was to happen only in September.
Also, QE4 is being called for by some parties to stymie and probably pre-empt/salvage the situation before it becomes too bad.
So if QE4 do start, it will be a very different ball game.
Until it does, the trend changer point in the dailies was triggered and resting above at 1167.40 while the weekly point is at 1172.30, applying some pressure at the moment.
The medium term trending indicator is southwards bearing and have some way to go, maybe last 2 to 3 weeks before able to bottom out.
The weakness in the short term directional indicators are newly minted so possibly we may see fresh weakness with some vigour, for at least a week.
The green shoots seen earlier in the long term indicators has been suffocated and may take some time before a stronger signal emerges.
In the weeklies, the faster moving indicators just started showing some weakness but not has not reach frenzy level yet so ranges might not be so hectic.
Interim supports are at 1115, 1111.30 & 1105.50 with minor supports at 1118, 1103.50 & 1070.40.
Interim resistances are at 1128.50, 1133.50 & 1136.60 with minor resistances at 1132, 1142.20 & 1156.90.
Get Gold Trading Chat, excerpts from there
Also, QE4 is being called for by some parties to stymie and probably pre-empt/salvage the situation before it becomes too bad.
So if QE4 do start, it will be a very different ball game.
Until it does, the trend changer point in the dailies was triggered and resting above at 1167.40 while the weekly point is at 1172.30, applying some pressure at the moment.
The medium term trending indicator is southwards bearing and have some way to go, maybe last 2 to 3 weeks before able to bottom out.
The weakness in the short term directional indicators are newly minted so possibly we may see fresh weakness with some vigour, for at least a week.
The green shoots seen earlier in the long term indicators has been suffocated and may take some time before a stronger signal emerges.
In the weeklies, the faster moving indicators just started showing some weakness but not has not reach frenzy level yet so ranges might not be so hectic.
Interim supports are at 1115, 1111.30 & 1105.50 with minor supports at 1118, 1103.50 & 1070.40.
Interim resistances are at 1128.50, 1133.50 & 1136.60 with minor resistances at 1132, 1142.20 & 1156.90.
Get Gold Trading Chat, excerpts from there
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