Weekly, the fast indicators are in the overbought zone. However looking at the momentum maintained over the last 14weeks, with more room upside to test the strength, I am bullish on the weeks ahead. a weekly close above 1300 may trigger more fireworks. A close below 1270 (or worse below 1266) may disturb. Weekly range 1305-1310 to 1205. W-PSAR is at 1202.
Daily: With Gold moving sideways since last Friday, the indicators start to show weariness. Or maybe, it is just a way for gold to give a rest to the indicators so that it may recoil up. With gold keeping its stance on its higher side of the range (daily range: 1255-1260 to 1305-1311) and it can defend the higher side, the momentum will look better as the days pass. Now for bulls, the line of support hinge upon 1276. D-PSAR at 1276.6 is important to remember for today. Should gold really plan to go up, better stay away from D-PSAR.
Intraday: with recent zig-zag moves continuing, gold is easily bouncing up and down, confusing the directional day-traders. 1285 seems to be yo-yo-ing just for fun. Pivot is at 1286. for this 2-3 hours, bulls should keep the close above 1288.
The moves have been more or less dependent on the brexit polls, which are now anyone's guess. Would we play defend or offend?
Daily: With Gold moving sideways since last Friday, the indicators start to show weariness. Or maybe, it is just a way for gold to give a rest to the indicators so that it may recoil up. With gold keeping its stance on its higher side of the range (daily range: 1255-1260 to 1305-1311) and it can defend the higher side, the momentum will look better as the days pass. Now for bulls, the line of support hinge upon 1276. D-PSAR at 1276.6 is important to remember for today. Should gold really plan to go up, better stay away from D-PSAR.
Intraday: with recent zig-zag moves continuing, gold is easily bouncing up and down, confusing the directional day-traders. 1285 seems to be yo-yo-ing just for fun. Pivot is at 1286. for this 2-3 hours, bulls should keep the close above 1288.
The moves have been more or less dependent on the brexit polls, which are now anyone's guess. Would we play defend or offend?
