Happy Holidays. Gold is firmer albeit on the quieter side as traders tried hunting for stops above the 1160's but the attempt fell shy of the resistance 1170.20, where very likely most of stops are placed.
In the dailies, the short term directional indicators are pushing against the "ceiling" and if it doesn't go higher in the next 2 days, then gold might be pressured back lower.
The medium term trending indicators are looking steady and we try as high as 1200 if it manages to cling on to its gain.
The long term and medium long term directional indicators have both been confirmed with this move higher during Asia.
This could perhaps fire up the momentum/volatility indicators and we could have a mini rally on our hands and 1225 may be attempted so the closing for tonight is quite crucial, no lower than 1160 in order to keep looking good.
In the weeklies the short term trending directional indicators are about 2 sessions shy of reach the overbought zone.
The medium term trending indicators is in the midst of piercing through the zero line from the bottom and that could potentially lead to gold being pulled back to 1300.
The long term directional indicator is still meandering while the medium term directional indicator is showing some promise of being confirmed but only the weekly closing that will determine if it's so.
The momentum/volatility indicators are still in the doldrums and nothing seem to wake the giant.
Interim supports are at 1161, 1157 & 1146 with minor supports at 1161.50, 1144.60 & 1132.80
Interim resistances are at 1172, 1176 & 1177 with minor resistances at 1168.30, 1177.20 & 1185
The daily/weekly trend changer points are at 1111.90/1083.30
p.s. Mib Agenti - Will Have No Updates For 1 Month - Overseas Posting
Get Gold Trading Chat, excerpts from there
In the dailies, the short term directional indicators are pushing against the "ceiling" and if it doesn't go higher in the next 2 days, then gold might be pressured back lower.
The medium term trending indicators are looking steady and we try as high as 1200 if it manages to cling on to its gain.
The long term and medium long term directional indicators have both been confirmed with this move higher during Asia.
This could perhaps fire up the momentum/volatility indicators and we could have a mini rally on our hands and 1225 may be attempted so the closing for tonight is quite crucial, no lower than 1160 in order to keep looking good.
In the weeklies the short term trending directional indicators are about 2 sessions shy of reach the overbought zone.
The medium term trending indicators is in the midst of piercing through the zero line from the bottom and that could potentially lead to gold being pulled back to 1300.
The long term directional indicator is still meandering while the medium term directional indicator is showing some promise of being confirmed but only the weekly closing that will determine if it's so.
The momentum/volatility indicators are still in the doldrums and nothing seem to wake the giant.
Interim supports are at 1161, 1157 & 1146 with minor supports at 1161.50, 1144.60 & 1132.80
Interim resistances are at 1172, 1176 & 1177 with minor resistances at 1168.30, 1177.20 & 1185
The daily/weekly trend changer points are at 1111.90/1083.30
p.s. Mib Agenti - Will Have No Updates For 1 Month - Overseas Posting
Get Gold Trading Chat, excerpts from there
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