In the daily charts, the short term directional indicators are struggling to pull itself out of the miasma that's keeping it tightly range bound.
Whether or not it manages to pull itself is still a question mark.
The medium term trending indicators are still leveling off and on the verge of moving back to the higher territory.
It is fortunate that we are not challenging the parity line or else, it could be another area of entanglement.
The long term directional indicators may take another week before. any new inkling to the next signal (bear or bull) can be generated.
The momentum/volatility indicators are at such low levels that even if the market looked good at some points, follow through will be lacking and promptly fall back in place if basing on these technical indicators alone.
However if there were some catastrophic news, that could be a game changer.
Interim supports are at 1078.50, 1075 & 1055 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1088.50, 1092.50 & 1110.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1074.30/1112.
Nb. The daily point is so near and the easier of the 2 to be triggered and so attracts gold lower.
Get Gold Trading Chat, excerpts from there
Whether or not it manages to pull itself is still a question mark.
The medium term trending indicators are still leveling off and on the verge of moving back to the higher territory.
It is fortunate that we are not challenging the parity line or else, it could be another area of entanglement.
The long term directional indicators may take another week before. any new inkling to the next signal (bear or bull) can be generated.
The momentum/volatility indicators are at such low levels that even if the market looked good at some points, follow through will be lacking and promptly fall back in place if basing on these technical indicators alone.
However if there were some catastrophic news, that could be a game changer.
Interim supports are at 1078.50, 1075 & 1055 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1088.50, 1092.50 & 1110.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1074.30/1112.
Nb. The daily point is so near and the easier of the 2 to be triggered and so attracts gold lower.
Get Gold Trading Chat, excerpts from there
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