The daily trend changer point was triggered when gold poked above 1080 yesterday and the point is now at 1048.
Usually after triggering the trend changing point, the market tends to run in the earlier direction or remain in the same bias for at least 7 to 10 sessions.
However, of late, this has not been the case as it has never really 'run" and it all boils down to the momentum/volatility indicators which suggest range bound activity for a considerable time longer.
In the daily charts, the short term directional indicators have nicely turned back up now.
The medium term trending indicators have protruded above the parity line into positive territory.
The long term directional indicators is still meandering and trying to find its resolve before any good indication of the next bias is shown.
In the weekly charts, the short term directional indicators have almost but all straightened out.
It is now showing the faintest hint of a crook and needs gold to push and close above 1080 in order to be totally straight and give it a more positive bias.
The medium term trending indicator has intersected indicating that the lows may have been in place now.
That may cause gold to be firmer in the weeks ahead.
The long term directional indicators have almost met and its bearish stance maybe negated if gold pushes and closes above 1090 at the end of the week.
Interim supports are at 1073.50, 1069 & 1055.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1079, 1083 & 1092 with minor resistances at 1084.80, 1123.20 and 1132.
The weekly trend changer point is at 1117.30.
Get Gold Trading Chat, excerpts from there
Usually after triggering the trend changing point, the market tends to run in the earlier direction or remain in the same bias for at least 7 to 10 sessions.
However, of late, this has not been the case as it has never really 'run" and it all boils down to the momentum/volatility indicators which suggest range bound activity for a considerable time longer.
In the daily charts, the short term directional indicators have nicely turned back up now.
The medium term trending indicators have protruded above the parity line into positive territory.
The long term directional indicators is still meandering and trying to find its resolve before any good indication of the next bias is shown.
In the weekly charts, the short term directional indicators have almost but all straightened out.
It is now showing the faintest hint of a crook and needs gold to push and close above 1080 in order to be totally straight and give it a more positive bias.
The medium term trending indicator has intersected indicating that the lows may have been in place now.
That may cause gold to be firmer in the weeks ahead.
The long term directional indicators have almost met and its bearish stance maybe negated if gold pushes and closes above 1090 at the end of the week.
Interim supports are at 1073.50, 1069 & 1055.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1079, 1083 & 1092 with minor resistances at 1084.80, 1123.20 and 1132.
The weekly trend changer point is at 1117.30.
Get Gold Trading Chat, excerpts from there
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