Weekly: W-PSAR was hit yesterday and now. looking at weekly indicators, it is looking positive and may continue to open up some upside room for the next 2-3 weeks. Weekly MA 200 (1313) was hit yesterday and repelled gold down.
Daily: Last night i did say that the rally looks complete as all the indicators were all in the overbought zone. and One BIG Resistance (i.e. WeeklyMA200 @1313) was accomplished. A fail to keep higher close will apply a start of "the pressure". Another lesson i took note was gold has an evil habit of letting us think that (in weekly/monthly) recovery (remember gold has been bearish for years) is good and technicals look good, but unconfirmed. Then just below crucial resistances, it will smash lower and catch the break-out chasers. One Big Pin-bar candle WITH a lower close has made all the indicators crooked down with so many space to dive for. However, if daily and weekly can manage to stary above 128x (preferrably go back to 130x) for another week, then the bulls may finish building its fortress (momentum). Daily PSAR is 1258.60 and is increasing very rapidly as the days go by.
Intraday 8am: NY session slamed gold $40 down just in 8 hours. As a result, the intraday indicators also slammed from oversold to overbought. Intraday momentum however is not beaten yet. so hopefully by going back above 129x can neutralize the blow a littlebit. Otherwise any upmove recovery is to support daily oversoldness to go down more.
Daily: Last night i did say that the rally looks complete as all the indicators were all in the overbought zone. and One BIG Resistance (i.e. WeeklyMA200 @1313) was accomplished. A fail to keep higher close will apply a start of "the pressure". Another lesson i took note was gold has an evil habit of letting us think that (in weekly/monthly) recovery (remember gold has been bearish for years) is good and technicals look good, but unconfirmed. Then just below crucial resistances, it will smash lower and catch the break-out chasers. One Big Pin-bar candle WITH a lower close has made all the indicators crooked down with so many space to dive for. However, if daily and weekly can manage to stary above 128x (preferrably go back to 130x) for another week, then the bulls may finish building its fortress (momentum). Daily PSAR is 1258.60 and is increasing very rapidly as the days go by.
Intraday 8am: NY session slamed gold $40 down just in 8 hours. As a result, the intraday indicators also slammed from oversold to overbought. Intraday momentum however is not beaten yet. so hopefully by going back above 129x can neutralize the blow a littlebit. Otherwise any upmove recovery is to support daily oversoldness to go down more.
