Gold managed to claw back some ground today however it is making some of the short term directional indicators in the dailies coiling up like a spring but it is generally pointing south but nearer to the overbought region.
If somehow it manages to pull higher above 1140's, then possibly, mid-air acrobatics would be witnessed and we may have a mini run higher still.
The medium term trending indicator is looking less positive but has not yet crossed to downward bearing.
The long term trending indicator is still in limbo.
However, there is a medium-long term indicator on the crux of indicating some potential higher but closing above 1140's is essential today.
If it does, we might be poking at least 1165 maybe next week.
In the weeklies, the short term directional indicators are making jagged patterns.
The medium term trending indicator maintains positive overtones.
While the long term directional indicator is only about to plateau and needs gold to close at least 1150 or higher.
That aside, the momentum/volatility indicators in both are too low for any serious moves and need to rev up 3 notches before anything can be made of the moves.
Interim supports are at 1128, 1125 & 1121 with minor supports at 1118, 1103.50 & 1070.40.
Interim resistances are at 1144.50, 1162 & 1167.50 with minor resistances at 1143, 1157 & 1166.50.
The daily/weekly trend changer points are at 1103.90/1153.60.
p.s. Mib Agenti is away 1 day for Eid holidays.
Get Gold Trading Chat, excerpts from there
If somehow it manages to pull higher above 1140's, then possibly, mid-air acrobatics would be witnessed and we may have a mini run higher still.
The medium term trending indicator is looking less positive but has not yet crossed to downward bearing.
The long term trending indicator is still in limbo.
However, there is a medium-long term indicator on the crux of indicating some potential higher but closing above 1140's is essential today.
If it does, we might be poking at least 1165 maybe next week.
In the weeklies, the short term directional indicators are making jagged patterns.
The medium term trending indicator maintains positive overtones.
While the long term directional indicator is only about to plateau and needs gold to close at least 1150 or higher.
That aside, the momentum/volatility indicators in both are too low for any serious moves and need to rev up 3 notches before anything can be made of the moves.
Interim supports are at 1128, 1125 & 1121 with minor supports at 1118, 1103.50 & 1070.40.
Interim resistances are at 1144.50, 1162 & 1167.50 with minor resistances at 1143, 1157 & 1166.50.
The daily/weekly trend changer points are at 1103.90/1153.60.
p.s. Mib Agenti is away 1 day for Eid holidays.
Get Gold Trading Chat, excerpts from there
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