Gold profited from the slew of troubles brewing in the middle east and a few other issues to pull back higher.
The question lies in whether that will be sufficient impetus to change the outlook of the yellow metal, especially in the weekly charts.
In the dailies, the short term directional indicators grazed the oversold region and subverted immediately and with gold where it is, has turned up from the oversold region.
The medium term trending indicators looks like a forced turning in the making just testing the parity line.
In the long term directional indicators, it just barely missed being confirmed having continued softness and saved at the eleventh hour.
The momentum/volatility indicators is showing more range bound activity ahead.
In the weeklies, the short term directional indicators which was earlier freshly turned lower, had a retraction with today's move and attempts higher and closing above 1090's will set it up for testing higher later on.
The medium term trending indicators have muddled along and righted itself.
The long term directional indicators still have a long way off to being negating the softer outlook.
It may require gold to be at least 1130 before doing that.
Interim supports are at 1072.50, 1066.50 & 1056.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1079.50, 1091 & 1106.50 with minor resistances at 1084.80, 1123.20 & 1132.
The daily/weekly trend changer points are at 1079.80/1117.30.
Get Gold Trading Chat, excerpts from there
The question lies in whether that will be sufficient impetus to change the outlook of the yellow metal, especially in the weekly charts.
In the dailies, the short term directional indicators grazed the oversold region and subverted immediately and with gold where it is, has turned up from the oversold region.
The medium term trending indicators looks like a forced turning in the making just testing the parity line.
In the long term directional indicators, it just barely missed being confirmed having continued softness and saved at the eleventh hour.
The momentum/volatility indicators is showing more range bound activity ahead.
In the weeklies, the short term directional indicators which was earlier freshly turned lower, had a retraction with today's move and attempts higher and closing above 1090's will set it up for testing higher later on.
The medium term trending indicators have muddled along and righted itself.
The long term directional indicators still have a long way off to being negating the softer outlook.
It may require gold to be at least 1130 before doing that.
Interim supports are at 1072.50, 1066.50 & 1056.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1079.50, 1091 & 1106.50 with minor resistances at 1084.80, 1123.20 & 1132.
The daily/weekly trend changer points are at 1079.80/1117.30.
Get Gold Trading Chat, excerpts from there
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