Gold has consistently been failing to capture strategic resistance levels throughout the year and no wonder.
The dearth of any positive news/outlook severely and effectively puts a lid on such attempts despite the sometimes all green is given.
In the dailies, the short term directional indicators had risen nicely to the 35% mark but pressured lower thereafter and resting at the tip of the overdone zone.
The next level that might lend some support is the psychological 1050 and this needs to be thrashed or there might be a divergence forming in the short term directional indicator.
The medium term trending indicator, although it is northwards pointing but the gradient has almost started to turn and failure to wrestle it lower in the next week might set it up for some rebound next week.
The long term directional indicators continue to indicate more weakness if gold recovers back to 1070, then temporarily, the signal is negated.
The momentum/volatility indicators has picked up but a sustained move is required to keep it moving and build up critical mass and hopefully we get to see blow out volumes and bargains maybe had then.
Interim supports are at 1050, 1045 & 1041 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1062.50, 1072 & 1082 with minor resistances at 1074.10, 1084.80 & 1123.
The daily/weekly trend changer points are at 1087.40/1176.80. The daily point was triggered yesterday and paved the way for lows seen today.
Get Gold Trading Chat, excerpts from there
The dearth of any positive news/outlook severely and effectively puts a lid on such attempts despite the sometimes all green is given.
In the dailies, the short term directional indicators had risen nicely to the 35% mark but pressured lower thereafter and resting at the tip of the overdone zone.
The next level that might lend some support is the psychological 1050 and this needs to be thrashed or there might be a divergence forming in the short term directional indicator.
The medium term trending indicator, although it is northwards pointing but the gradient has almost started to turn and failure to wrestle it lower in the next week might set it up for some rebound next week.
The long term directional indicators continue to indicate more weakness if gold recovers back to 1070, then temporarily, the signal is negated.
The momentum/volatility indicators has picked up but a sustained move is required to keep it moving and build up critical mass and hopefully we get to see blow out volumes and bargains maybe had then.
Interim supports are at 1050, 1045 & 1041 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1062.50, 1072 & 1082 with minor resistances at 1074.10, 1084.80 & 1123.
The daily/weekly trend changer points are at 1087.40/1176.80. The daily point was triggered yesterday and paved the way for lows seen today.
Get Gold Trading Chat, excerpts from there
No comments:
Post a Comment