With the momentum/volatility indicators are barely audible levels, gold is frustrated and unable to push too far either ways.
Gold was sold down below the psychological 1050 earlier, what some would deem as a false penetration and as a result, rebounded off there nicely.
In the daily charts, the short term trending indicators look coiled up and congested and the current turning lower looks too forced.
Failure to make it close below key 1050 may set it for some rebound later on.
The medium term trending indicators also look artificially tweaked to look and feel softer.
Any lack of a good follow through could send gold back towards 1085.
The long term directional indicators had actually been more or less nullified but with the previous day's movement had reopened the trend again, albeit, just on the tenterhooks, that is, it might be on the verge of a new breakout if the gap widens.
The momentum/volatility indicator's mounting pressure is just on the verge of overrunning the floodgate, just a little more push (in this instance - downwards) could see it race towards 1000 in quick succession.
Generally, in the weekly charts, everything is still looking on the soft side and the short term directional indicators has freshly penetrated the oversold region while the momentum/volatility indicators are merely murmuring and will need gold to quickly crack 1000 before it is turned on.
Interim supports are at 1047.50, 1037 & 1031.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1064.50, 1081.50 & 1090 with minor resistances at 1074.10, 1084.80 & 1123.20.
The daily/weekly trend changer points are at 1084/1166.85.
Get Gold Trading Chat, excerpts from there
Gold was sold down below the psychological 1050 earlier, what some would deem as a false penetration and as a result, rebounded off there nicely.
In the daily charts, the short term trending indicators look coiled up and congested and the current turning lower looks too forced.
Failure to make it close below key 1050 may set it for some rebound later on.
The medium term trending indicators also look artificially tweaked to look and feel softer.
Any lack of a good follow through could send gold back towards 1085.
The long term directional indicators had actually been more or less nullified but with the previous day's movement had reopened the trend again, albeit, just on the tenterhooks, that is, it might be on the verge of a new breakout if the gap widens.
The momentum/volatility indicator's mounting pressure is just on the verge of overrunning the floodgate, just a little more push (in this instance - downwards) could see it race towards 1000 in quick succession.
Generally, in the weekly charts, everything is still looking on the soft side and the short term directional indicators has freshly penetrated the oversold region while the momentum/volatility indicators are merely murmuring and will need gold to quickly crack 1000 before it is turned on.
Interim supports are at 1047.50, 1037 & 1031.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1064.50, 1081.50 & 1090 with minor resistances at 1074.10, 1084.80 & 1123.20.
The daily/weekly trend changer points are at 1084/1166.85.
Get Gold Trading Chat, excerpts from there
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