Weekly: By maintaining a close above 128x by weekend, it will look strong for gold.
Daily: More and more indicators are packed to the ceiling and there is almost no room left. MACD histogram also shows slow down of momentum. 1285.5 close is good enough to keep bulls safe, but by the looks of the indicators, a touch on 1277 could indicate that the rally is complete (for now) or bulls need to rest for a while to allow indicators to take a breather. Note: momentum keeps building up, let's see if it is prepared to spring gold up further more (with the support of weekly indicators of course)
Today is FOMC. so it is going to be a volatile daily candle.
Intraday: NY session managed to kiss 1290 but quickly retraced afterwards. Current strength is dissipating and by the looks of it we might see it range 1280 - 1288. Pivot is at 1283.8 and price action is teasing the pivot at the moment. With the slowing intraday momentum at the moment, i'd think it s safe to trade sideways/rangetrade. A close below 1278.5 might trigger a bear signal for me to look for a short entry. In the reverse, close above 1286.5
Daily: More and more indicators are packed to the ceiling and there is almost no room left. MACD histogram also shows slow down of momentum. 1285.5 close is good enough to keep bulls safe, but by the looks of the indicators, a touch on 1277 could indicate that the rally is complete (for now) or bulls need to rest for a while to allow indicators to take a breather. Note: momentum keeps building up, let's see if it is prepared to spring gold up further more (with the support of weekly indicators of course)
Today is FOMC. so it is going to be a volatile daily candle.
Intraday: NY session managed to kiss 1290 but quickly retraced afterwards. Current strength is dissipating and by the looks of it we might see it range 1280 - 1288. Pivot is at 1283.8 and price action is teasing the pivot at the moment. With the slowing intraday momentum at the moment, i'd think it s safe to trade sideways/rangetrade. A close below 1278.5 might trigger a bear signal for me to look for a short entry. In the reverse, close above 1286.5
Asia session went as expected with Pivot a1283.8 as its yo-yo swinging 1280-1288 range (1282-1287 actually).
Londoners are joining the yo-yo game. seems like the last 10-14hours have been about taking profit, staying out of market mode.
Hourly close below 1280 - Im looking to short. a close above 1286.50, look to long for a small position.
Momentum in the interim continues to dissipate, so i guess it is even better to look at the range and turn noisier.
Caution note: all technicals should be thrown out the window into the sea 6 hours going into the Fed's