A quickie review tonight as I had a couple of drinks.
The short term directional indicators have almost max out the length of the run lower despite price action not correspondingly so and may go into over sold region by tomorrow.
The medium term trending indicators managed to challenge the zero line and will likely put a lid on any updside attempts, maybe even make gold look heavy here on.
It will be some days more before the long term directional indicators give any inkling of what it's feeling.
In the weeklies, the short term directional indicators are still trying to look convincingly weak.
Some have just crossed over and a couple are at a kissing posture only.
The medium term trending indicator is looking softer but still not yet crossed over.
Probably it needs gold to close below 1100 to have it cross over.
The long term trending indicators is in the doldrums.
Just as well, the momentum/volatility indicators for both are merely gliding along.
It needs to be pumped up at least 4 folds before we can see a major and sustained movement.
Erratic trading will likely ensue and the slew of economic data coming out over the next couple of days will keep gold in check until the data is out.
Interim supports are at 1105.50, 1097 & 1086 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1125.50, 1130.50 & 1146 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1155.40/1078.50.
Get Gold Trading Chat, excerpts from there
The short term directional indicators have almost max out the length of the run lower despite price action not correspondingly so and may go into over sold region by tomorrow.
The medium term trending indicators managed to challenge the zero line and will likely put a lid on any updside attempts, maybe even make gold look heavy here on.
It will be some days more before the long term directional indicators give any inkling of what it's feeling.
In the weeklies, the short term directional indicators are still trying to look convincingly weak.
Some have just crossed over and a couple are at a kissing posture only.
The medium term trending indicator is looking softer but still not yet crossed over.
Probably it needs gold to close below 1100 to have it cross over.
The long term trending indicators is in the doldrums.
Just as well, the momentum/volatility indicators for both are merely gliding along.
It needs to be pumped up at least 4 folds before we can see a major and sustained movement.
Erratic trading will likely ensue and the slew of economic data coming out over the next couple of days will keep gold in check until the data is out.
Interim supports are at 1105.50, 1097 & 1086 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1125.50, 1130.50 & 1146 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1155.40/1078.50.
Get Gold Trading Chat, excerpts from there
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