In my absence, gold tried valiantly at the upper resistance around 1200 but failed miserably when facing the monthly trend changer point 1192.35.
Had it triggered that point, then in the much longer term, gold would have found its legs against recent weakness seen in the past few years.
In the dailies, the short term directional indicators have almost come into the overbought region.
The medium term trending indicators suggest that more softness might follow and a target around 1090 is a possibility.
The longer term directional indicator has also now turned downwards and might add on extra pressure.
In the weeklies, the short term directional indicators are newly minted and southerly bearing.
The medium trending indicators are struggling to hold the parity line but may succumb from pressures from a few sources.
The longer term trending indicators which were mildly positive 3 weeks back have now been neutralised.
Interim supports are at 1131, 1126 & 1108 with minor supports at 1130.60, 1128.30 & 1118.
Interim resistances are at 1145, 1149.50 & 1152 with minor resistances at 1142.20, 1157 & 1166.50.
The daily/weekly trend changer points are at 1181.10/1101.50.
Get Gold Trading Chat, excerpts from there
Had it triggered that point, then in the much longer term, gold would have found its legs against recent weakness seen in the past few years.
In the dailies, the short term directional indicators have almost come into the overbought region.
The medium term trending indicators suggest that more softness might follow and a target around 1090 is a possibility.
The longer term directional indicator has also now turned downwards and might add on extra pressure.
In the weeklies, the short term directional indicators are newly minted and southerly bearing.
The medium trending indicators are struggling to hold the parity line but may succumb from pressures from a few sources.
The longer term trending indicators which were mildly positive 3 weeks back have now been neutralised.
Interim supports are at 1131, 1126 & 1108 with minor supports at 1130.60, 1128.30 & 1118.
Interim resistances are at 1145, 1149.50 & 1152 with minor resistances at 1142.20, 1157 & 1166.50.
The daily/weekly trend changer points are at 1181.10/1101.50.
Get Gold Trading Chat, excerpts from there
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