Gold has recaptured the 1100's during London's session.
Having said that, the move will pay dividends only if it manages to close above 1100's at the day's closing or convincingly push through the weekly trend changer point at 1112, which will set it up for more tests on the higher side.
In the daily charts, the short term directional indicators have now turned back higher and hopefully, something more is derived and not turn out to be another red herring.
The medium term trending indicators are still in the process of leveling off and trying to turn back up for the higher, so it means, the new trend is still in the works and unconfirmed yet.
The long term directional indicators are still looking for new motivation.
As to the next direction, it will be a week in the making before anything becomes apparent.
The momentum/volatility indicators are still at in the cold zone and will be difficult to jump start it to hot levels any time soon.
So expectations of protracted movement in either direction is slim unless there were timely and coincidental news/tensions at that time.
Interim supports are at 1090.50, 1087 & 1078.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Having said that, the move will pay dividends only if it manages to close above 1100's at the day's closing or convincingly push through the weekly trend changer point at 1112, which will set it up for more tests on the higher side.
In the daily charts, the short term directional indicators have now turned back higher and hopefully, something more is derived and not turn out to be another red herring.
The medium term trending indicators are still in the process of leveling off and trying to turn back up for the higher, so it means, the new trend is still in the works and unconfirmed yet.
The long term directional indicators are still looking for new motivation.
As to the next direction, it will be a week in the making before anything becomes apparent.
The momentum/volatility indicators are still at in the cold zone and will be difficult to jump start it to hot levels any time soon.
So expectations of protracted movement in either direction is slim unless there were timely and coincidental news/tensions at that time.
Interim supports are at 1090.50, 1087 & 1078.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1104, 1108 & 1111.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily trend changer point is at 1077.30.
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