In the dailies, the short term directional indicators have bottomed and crossed over and poised for some firmness in the next few sessions ahead.
The medium term trending indicators are showing similar signs but it has not crossed over yet so it is like wet clay, can still be moulded according to the potter's hand.
The long term directional indicators are southwards bearing but may reach the end of this run if we do not break below 1080.
The momentum/volatility indicators are receding and may not have sufficient fuel left to force it lower.
In the weeklies, the short term directional indicators are 60% done and if it so desires, gold may feel pressured for at least 3 more weeks at best.
The medium term trending indicators is still young in this rundown, only about 20% done but it may not be able to make too much of it as the momentum/volatility indicators are too low to maintain a sustained move lower.
The long term directional indicators have not come into being and still doodling.
Interim supports are at 1084.50, 1079.50 & 1070 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1095, 1100.50 & 1125 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1113.70/1188.55.
Get Gold Trading Chat, excerpts from there
The medium term trending indicators are showing similar signs but it has not crossed over yet so it is like wet clay, can still be moulded according to the potter's hand.
The long term directional indicators are southwards bearing but may reach the end of this run if we do not break below 1080.
The momentum/volatility indicators are receding and may not have sufficient fuel left to force it lower.
In the weeklies, the short term directional indicators are 60% done and if it so desires, gold may feel pressured for at least 3 more weeks at best.
The medium term trending indicators is still young in this rundown, only about 20% done but it may not be able to make too much of it as the momentum/volatility indicators are too low to maintain a sustained move lower.
The long term directional indicators have not come into being and still doodling.
Interim supports are at 1084.50, 1079.50 & 1070 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1095, 1100.50 & 1125 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1113.70/1188.55.
Get Gold Trading Chat, excerpts from there
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