Gold finally decided to play on the upper side while I was away on the Feds staying away from raising interest rates.
There were talks that maybe we will be looking at another QE soon, with the world's economy the way it is now.
That aside, in the dailies the short term directional indicators are showing slight signs of going into the overbought zone.
However, the momentum indicators still haven't gained sufficient ground to turn the credible move into an incredible move.
The medium term trending indicators seem to be tapering off as well and the long term directional indicators are not giving much of a clue at the moment.
It may well be re-positioning itself during the past month, for the next move.
If we are lucky, the signals might be triggered by the end of the week and if I were to make a guess right now, I would probably say we might just try lower after that.
In the weeklies, the short term directional indicators are peaking while the medium term trending indicators are still maintaining their upside bias.
The longer term directional indicator was earlier mildly having slight downward pressures but close to cutting off the engine unless it somehow got reignited again.
Interim supports are at 1126, 1122.50 & 1118 with minor supports at 1128.20, 1124.40 & 1103.50.
Interim resistances are at 1144.50, 1160.30 & 1170.50 with minor resistances at 1142.20, 1157 & 1166.50.
The daily/weekly trend changer points are at 1100.70/1153.60.
Get Gold Trading Chat, excerpts from there
There were talks that maybe we will be looking at another QE soon, with the world's economy the way it is now.
That aside, in the dailies the short term directional indicators are showing slight signs of going into the overbought zone.
However, the momentum indicators still haven't gained sufficient ground to turn the credible move into an incredible move.
The medium term trending indicators seem to be tapering off as well and the long term directional indicators are not giving much of a clue at the moment.
It may well be re-positioning itself during the past month, for the next move.
If we are lucky, the signals might be triggered by the end of the week and if I were to make a guess right now, I would probably say we might just try lower after that.
In the weeklies, the short term directional indicators are peaking while the medium term trending indicators are still maintaining their upside bias.
The longer term directional indicator was earlier mildly having slight downward pressures but close to cutting off the engine unless it somehow got reignited again.
Interim supports are at 1126, 1122.50 & 1118 with minor supports at 1128.20, 1124.40 & 1103.50.
Interim resistances are at 1144.50, 1160.30 & 1170.50 with minor resistances at 1142.20, 1157 & 1166.50.
The daily/weekly trend changer points are at 1100.70/1153.60.
Get Gold Trading Chat, excerpts from there
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