Gold is led by the nose by whatever is happening in any markets at the moment and remains easily manipulated and awaiting confirmation of the FOMC's rate decision.
In the dailies, gold will be successful in scoring a hat trick, that is, keeping above 1140's till the end of the week, and the medium term trending indicator would have been co-opted opening some upside potential.
If gold manages to clear 1175-80 by the middle of next week, might see underpin there after that for at least 2 weeks or more.
Working against any big moves will be the low momentum/volatility indicators will have gold dragging it's feet behind it.
Failure to sustain the 1140's might see gold plunge lower again but the same issue of low momentum.
The short term directional indicators in the weeklies are peaking and so may temporarily put the brakes on attempts higher. With the technicals where they are, drivers of the market will be news and other developments.
Interim supports are at 1135.30, 1126 & 1116.50 with minor supports at 1132.80, 1128 & 1123.50
Interim resistances are at 1140.50, 1161.50 & 1165.50 with minor resistances at 1143, 1157 & 1166.50
The daily/weekly trend changer points are at 1164.45/1168.40.
Get Gold Trading Chat, excerpts from there
p.s. MIB is away for 3 days.
In the dailies, gold will be successful in scoring a hat trick, that is, keeping above 1140's till the end of the week, and the medium term trending indicator would have been co-opted opening some upside potential.
If gold manages to clear 1175-80 by the middle of next week, might see underpin there after that for at least 2 weeks or more.
Working against any big moves will be the low momentum/volatility indicators will have gold dragging it's feet behind it.
Failure to sustain the 1140's might see gold plunge lower again but the same issue of low momentum.
The short term directional indicators in the weeklies are peaking and so may temporarily put the brakes on attempts higher. With the technicals where they are, drivers of the market will be news and other developments.
Interim supports are at 1135.30, 1126 & 1116.50 with minor supports at 1132.80, 1128 & 1123.50
Interim resistances are at 1140.50, 1161.50 & 1165.50 with minor resistances at 1143, 1157 & 1166.50
The daily/weekly trend changer points are at 1164.45/1168.40.
Get Gold Trading Chat, excerpts from there
p.s. MIB is away for 3 days.
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