We have to tell the market to stop messing around with us, one minute it's pushing lower and the next minute it's pushing higher, fun isn't it?
In the daily charts, the short term directional indicators has continued pushing higher but looks like it's touch the overbought zone.
The medium term trending indicators have nicely cut across now but unsure if more mileage can be made out of it.
The long term directional indicators are so close to being confirmed for a fresh move up and needs gold to at least maintain at 1105 or higher before it can do so.
Failing, could send it dribbling back lower sooner than what we like.
The momentum/volatility indicators remain status quo, at too low a level to brew anything yet.
Volatility needs to be turned up by 3 notches before it starts to get interesting.
With that in mind, maybe it is not a good idea to chase on breaks.
Interim supports are at 1092, 1088 & 1079 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1104, 1110 & 1113 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1080.05/1112.00
Get Gold Trading Chat, excerpts from there
In the daily charts, the short term directional indicators has continued pushing higher but looks like it's touch the overbought zone.
The medium term trending indicators have nicely cut across now but unsure if more mileage can be made out of it.
The long term directional indicators are so close to being confirmed for a fresh move up and needs gold to at least maintain at 1105 or higher before it can do so.
Failing, could send it dribbling back lower sooner than what we like.
The momentum/volatility indicators remain status quo, at too low a level to brew anything yet.
Volatility needs to be turned up by 3 notches before it starts to get interesting.
With that in mind, maybe it is not a good idea to chase on breaks.
Interim supports are at 1092, 1088 & 1079 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1104, 1110 & 1113 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1080.05/1112.00
Get Gold Trading Chat, excerpts from there
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