In the daily charts, the short term directional indicators looks like the up move is struggling at the moment and the angle of the ascent looks to be wavering and only reached to the 60% mark.
The medium term trending indicator is not much better off and in the process of being compromised and the closing will largely determine if it were so.
A closing in the low 1090's will have confirmed it but a closing above 1100 may yet avert it.
If it's confirmed, then a divergence is in place and that could spell gold drifting lower for the week or so.
The long term directional indicators are almost kissing each other and so, the closing might dictate the tempo for next week's trading.
The momentum/volatility indicators are as unexciting as watching your washing machine.
It is just not going anywhere, just going round in circles. So gold may yet extend the monotony with range bound activity.
Interim supports are at 1093.50, 1088 & 1079 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1105.50, 1109.50 & 1119 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1082.60/1112.00.
Nb: Gold is trapped by the daily/weekly points so we just have to wait till something gives as market decided to do it the cheap way.
p.s. Mib Agenti will away next week.
Get Gold Trading Chat, excerpts from there
The medium term trending indicator is not much better off and in the process of being compromised and the closing will largely determine if it were so.
A closing in the low 1090's will have confirmed it but a closing above 1100 may yet avert it.
If it's confirmed, then a divergence is in place and that could spell gold drifting lower for the week or so.
The long term directional indicators are almost kissing each other and so, the closing might dictate the tempo for next week's trading.
The momentum/volatility indicators are as unexciting as watching your washing machine.
It is just not going anywhere, just going round in circles. So gold may yet extend the monotony with range bound activity.
Interim supports are at 1093.50, 1088 & 1079 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1105.50, 1109.50 & 1119 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1082.60/1112.00.
Nb: Gold is trapped by the daily/weekly points so we just have to wait till something gives as market decided to do it the cheap way.
p.s. Mib Agenti will away next week.
Get Gold Trading Chat, excerpts from there
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