The sudden dip seen yesterday has more or less put some of the indicators in the daily charts in a better position.
The short term directional indicators has crept back higher and so lesser downwards pressure.
It is like swimming underwater and almost of breaking the surface, into neutral territory with some upside bias and so, able to catch your breath.
Once broken, it will have an easier time.
The medium term trending indicators benefited the most from yesterday's move as it has nicely crossed over now and gold might recover back towards 1110 if the closing is above 1095 tonight.
The longer term directional indicators' run lower has almost been killed off and some consolidation will ensue.
The momentum/volatility indicators had only gone into the first gear but being set back to neutral when it stopped running lower.
In the weekly charts, the short directional indicators are about 60% done and softness might be observed for another few more weeks.
The medium term trending indicators might keep the sentiment depressed for at least 2 months.
The long term directional indicators are nowhere near of giving the market any hints.
Initial supports are at 1077, 1072 & 1068 with minor supports at 1070.40, 1030.80 & 1023.80.
Initial resistances are at 1094.50, 1117 & 1124 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1105.80/1188.55.
Get Gold Trading Chat, excerpts from there
The short term directional indicators has crept back higher and so lesser downwards pressure.
It is like swimming underwater and almost of breaking the surface, into neutral territory with some upside bias and so, able to catch your breath.
Once broken, it will have an easier time.
The medium term trending indicators benefited the most from yesterday's move as it has nicely crossed over now and gold might recover back towards 1110 if the closing is above 1095 tonight.
The longer term directional indicators' run lower has almost been killed off and some consolidation will ensue.
The momentum/volatility indicators had only gone into the first gear but being set back to neutral when it stopped running lower.
In the weekly charts, the short directional indicators are about 60% done and softness might be observed for another few more weeks.
The medium term trending indicators might keep the sentiment depressed for at least 2 months.
The long term directional indicators are nowhere near of giving the market any hints.
Initial supports are at 1077, 1072 & 1068 with minor supports at 1070.40, 1030.80 & 1023.80.
Initial resistances are at 1094.50, 1117 & 1124 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1105.80/1188.55.
Get Gold Trading Chat, excerpts from there
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