Gold opened in Asia markedly higher from where New York had closed and for good reason.
It had almost triggered the daily trend changer point sitting just at 1099.50 for today and had it done so, gold will be all the more firmer for it, for at least this week.
In the dailies, the short term directional indicators have recovered to favourable territory, i.e., no more soft looking with a mild chance of pushing higher.
The medium term trending indicator has firmed up nicely and if all goes well, the bottom will now be limited and we may try above 1100 later this week.
The long term directional indicators have almost put on the brakes for further softening and needs gold to move just above 1100 to achieve direction cancellation.
In the weeklies, the short term directional indicators are trying to defy gravitational pull and attempt to push the other direction with a feeble attempt at the moment.
It will gather more strength if gold holds and closes nearer the higher end of the daily ranges and ideal if it pulls back above 1110.
The medium term trending indicators are still southward bearing and the long term directional indicators are looking closer to almost being triggered and continue to pressurise gold.
Interim supports are at 1076.50, 1065.50 & 1057.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1092, 1094.50 & 1107.50 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1183.95,
p.s. Mib Agenti is away and only returning 27th November.
Get Gold Trading Chat, excerpts from there
It had almost triggered the daily trend changer point sitting just at 1099.50 for today and had it done so, gold will be all the more firmer for it, for at least this week.
In the dailies, the short term directional indicators have recovered to favourable territory, i.e., no more soft looking with a mild chance of pushing higher.
The medium term trending indicator has firmed up nicely and if all goes well, the bottom will now be limited and we may try above 1100 later this week.
The long term directional indicators have almost put on the brakes for further softening and needs gold to move just above 1100 to achieve direction cancellation.
In the weeklies, the short term directional indicators are trying to defy gravitational pull and attempt to push the other direction with a feeble attempt at the moment.
It will gather more strength if gold holds and closes nearer the higher end of the daily ranges and ideal if it pulls back above 1110.
The medium term trending indicators are still southward bearing and the long term directional indicators are looking closer to almost being triggered and continue to pressurise gold.
Interim supports are at 1076.50, 1065.50 & 1057.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1092, 1094.50 & 1107.50 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1183.95,
p.s. Mib Agenti is away and only returning 27th November.
Get Gold Trading Chat, excerpts from there
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