The dailies look sickly and the only thing holding gold here is the momentum/volatility indicators which are at really low levels.
So what we saw/seeing recently/now, gold being able to break previous low but rebound soon after will likely persist longer until it picks up significantly, at least 3 folds, and hopefully we can get a better push lower.
The medium term trending indicators are still looking weak but without gold tendering near the previous low (1100) and somehow manage to hold nearer the 1110 levels at least till the end of week, the indicators will have had a chance to build on that and may attempt to turn back up from here.
The short term directional indicators looks like it may have reached the end for this run with some of them appearing to be in the midst of trying to twist back higher.
If gold doesn't hold above 1115 at the end of the week, then the long term directional indicators will likely start looking soft.
In the weeklies, the indicators are all being weighed down with gold below 1110 and adding just a little pressure.
If it does run lower, possibly 1050 will be the next target.
Interim supports are at 1099, 1080.50 & 1074 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1115, 1122.50 & 1135 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1141.80/1160.30.
Get Gold Trading Chat, excerpts from there
p.s. Mib Agenti is away for the week. Updates should resume next week.
So what we saw/seeing recently/now, gold being able to break previous low but rebound soon after will likely persist longer until it picks up significantly, at least 3 folds, and hopefully we can get a better push lower.
The medium term trending indicators are still looking weak but without gold tendering near the previous low (1100) and somehow manage to hold nearer the 1110 levels at least till the end of week, the indicators will have had a chance to build on that and may attempt to turn back up from here.
The short term directional indicators looks like it may have reached the end for this run with some of them appearing to be in the midst of trying to twist back higher.
If gold doesn't hold above 1115 at the end of the week, then the long term directional indicators will likely start looking soft.
In the weeklies, the indicators are all being weighed down with gold below 1110 and adding just a little pressure.
If it does run lower, possibly 1050 will be the next target.
Interim supports are at 1099, 1080.50 & 1074 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1115, 1122.50 & 1135 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1141.80/1160.30.
Get Gold Trading Chat, excerpts from there
p.s. Mib Agenti is away for the week. Updates should resume next week.
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