Weekly: low of last week (1271) was breached, thus tilting some indicators, and also momentum, down a notch. Lastnight mid-bBand of 1264 was gently touched. So now gold is trading at its weekly range. W-PSAR is at 1202.
Daily: no mercy. as soon as hourly close below 1288, continue to close below 1280, it hit daily PSAR (1276.6). Now most indicators in the daily look weak. Daily PSAR changed to 1314.65. Daily still has momentum, so hopefully it can take advantage of this to recover up. unless within the next 3-5 days, no more highs/higher closes is made. Immediate supports are seen at 1256-1257 area, followed by 1240.
Intraday: In the intraday moves, bears seem to be have gained momentum for now, but after hitting 1264, most indicators are trying hard to make an up turn. Pivot is at 1275.5. Fail to close above 1280 might continue bearish move
Daily: no mercy. as soon as hourly close below 1288, continue to close below 1280, it hit daily PSAR (1276.6). Now most indicators in the daily look weak. Daily PSAR changed to 1314.65. Daily still has momentum, so hopefully it can take advantage of this to recover up. unless within the next 3-5 days, no more highs/higher closes is made. Immediate supports are seen at 1256-1257 area, followed by 1240.
Intraday: In the intraday moves, bears seem to be have gained momentum for now, but after hitting 1264, most indicators are trying hard to make an up turn. Pivot is at 1275.5. Fail to close above 1280 might continue bearish move
Bearish momentum is holding, but seems to be losing its breath. A close above 1270 should trigger some short covering and also longs.
A close above 1263, we might see further shorts flooding in. I prefer the former. Let's take the long with $5-$7 SL