Momentum in both daily and weekly continued to press brake pedal. Let's hope it maintains its speed whether it is resuming or turning.
Weekly: Weekly PSAR is at 1202. Gold is trying to immerse itself trading below w-mid-bband.
Daily indicators mostly have turned down, showing further weakness to come. Luckily one lagging indicator has not switched side, but once done (maybe a few days more), then 1280 may act as a tight lid against any upside move. So i think in order to neutralise this bear, gold must try to jump and reach 128x and hang itself near there. Otherwise the weakness (the likes of May16's weakness) will continue further. Immediate support at 1254-1256, followed by 1244.
Daily-psar is at 1312.50.
Range: Weekly: 1205 to 1305/1310. Daily: 1250 to 1305/1310. Intraday: 1262-1290.
Intraday 9:00am: Gold slowly dragged down by the intraday momentum that is maintained. Close above 1270 will screw it up. at the moment bulls should try hard to avoid close below H4MA100 at 1261.80. (13++ bears are likely taking profit near here). Day-pivot : 1266.
Weekly: Weekly PSAR is at 1202. Gold is trying to immerse itself trading below w-mid-bband.
Daily indicators mostly have turned down, showing further weakness to come. Luckily one lagging indicator has not switched side, but once done (maybe a few days more), then 1280 may act as a tight lid against any upside move. So i think in order to neutralise this bear, gold must try to jump and reach 128x and hang itself near there. Otherwise the weakness (the likes of May16's weakness) will continue further. Immediate support at 1254-1256, followed by 1244.
Daily-psar is at 1312.50.
Range: Weekly: 1205 to 1305/1310. Daily: 1250 to 1305/1310. Intraday: 1262-1290.
Intraday 9:00am: Gold slowly dragged down by the intraday momentum that is maintained. Close above 1270 will screw it up. at the moment bulls should try hard to avoid close below H4MA100 at 1261.80. (13++ bears are likely taking profit near here). Day-pivot : 1266.
Worth reading