With the release of the NFP figures, a marked improvement of around 11%, caused a slam dunk in gold prices earlier.
Whether or not it will sink or swim, will hinge on Mester's speech later on. In the daily charts the short term directional indicators were showing signs of crooking - charts were obtained at London opening.
However with prices where they are now and if it manages to close near the day's low, then for sure the indicators would have bent backwards and southward bearing.
The medium term trending indicators which were poised for a push higher (at London opening) will likely have collapsed upon itself and tripping around it's ankles.
The long term directional indicators which were floundering might be revived with bearish bias if gold closes below 1210.
The momentum/volatility indicators were down 2 notches at London opening but likely push back up a notch now.
However, the engines behind the market have not revved up sufficiently for the market to run too far away and it will not be a surprise if market closes back around the 1220 level for the week's end.
Interim supports are at 1206, 1190 & 1181 with minor supports at 1208.80, 1200.10 & 1178.60.
Interim resistances are at 1219, 1230 & 1249.50 with minor resistances at 1221.70, 1231.40 & 1240.70.
The daily/weekly trend changer points are at 1249.95/1151.75.
Get Gold Trading Chat (Android), excerpts from there
Whether or not it will sink or swim, will hinge on Mester's speech later on. In the daily charts the short term directional indicators were showing signs of crooking - charts were obtained at London opening.
However with prices where they are now and if it manages to close near the day's low, then for sure the indicators would have bent backwards and southward bearing.
The medium term trending indicators which were poised for a push higher (at London opening) will likely have collapsed upon itself and tripping around it's ankles.
The long term directional indicators which were floundering might be revived with bearish bias if gold closes below 1210.
The momentum/volatility indicators were down 2 notches at London opening but likely push back up a notch now.
However, the engines behind the market have not revved up sufficiently for the market to run too far away and it will not be a surprise if market closes back around the 1220 level for the week's end.
Interim supports are at 1206, 1190 & 1181 with minor supports at 1208.80, 1200.10 & 1178.60.
Interim resistances are at 1219, 1230 & 1249.50 with minor resistances at 1221.70, 1231.40 & 1240.70.
The daily/weekly trend changer points are at 1249.95/1151.75.
Get Gold Trading Chat (Android), excerpts from there
1 comment:
Bullion Exchanges is a well known Bullion Seller established in the heart of New York City's Diamond District.
Bullion Exchanges have a massive inventory of products like, bullion that range from the gold & silver to the prestigious platinum and palladium.
Bullion Exchanges are offering an enormous selection of products appealing to 1st time shoppers and for established collectors.
Post a Comment