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In the daily charts, the short term directional indicators had almost crept into the overdone region but it didn't and only merely touched.
In fact, if gold somehow manages to hold the lows, a divergence will likely form off this run and gold may firm up into the new month and likely into the new year too.
The medium term trending indicators had attempted to cut and cross over to negative territory but it's still unconfirmed and if it refuses to yield, then it's a minor rebound may in order next.
The long term directional indicators remains poised in the current direction for now and is easily curtailed if gold goes back and closes above 1075.
The momentum/volatility indicators are staggering as gold's decline is temporarily halted and will quickly turn flaccid if it recovers back above 1080.
Interim supports are at 1053.50, 1040 & 1020.50 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1068, 1086 & 1091 with minor resistances at 1074.10, 1084.80 & 1123
The daily/weekly trend changer points are at 1086.70/1166.85.
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Gold has consistently been failing to capture strategic resistance levels throughout the year and no wonder.
The dearth of any positive news/outlook severely and effectively puts a lid on such attempts despite the sometimes all green is given.
In the dailies, the short term directional indicators had risen nicely to the 35% mark but pressured lower thereafter and resting at the tip of the overdone zone.
The next level that might lend some support is the psychological 1050 and this needs to be thrashed or there might be a divergence forming in the short term directional indicator.
The medium term trending indicator, although it is northwards pointing but the gradient has almost started to turn and failure to wrestle it lower in the next week might set it up for some rebound next week.
The long term directional indicators continue to indicate more weakness if gold recovers back to 1070, then temporarily, the signal is negated.
The momentum/volatility indicators has picked up but a sustained move is required to keep it moving and build up critical mass and hopefully we get to see blow out volumes and bargains maybe had then.
Interim supports are at 1050, 1045 & 1041 with minor supports at 1030.80, 1023.80 & 1019.50.
Interim resistances are at 1062.50, 1072 & 1082 with minor resistances at 1074.10, 1084.80 & 1123.
The daily/weekly trend changer points are at 1087.40/1176.80. The daily point was triggered yesterday and paved the way for lows seen today.
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Gold opened in Asia markedly higher from where New York had closed and for good reason.
It had almost triggered the daily trend changer point sitting just at 1099.50 for today and had it done so, gold will be all the more firmer for it, for at least this week.
In the dailies, the short term directional indicators have recovered to favourable territory, i.e., no more soft looking with a mild chance of pushing higher.
The medium term trending indicator has firmed up nicely and if all goes well, the bottom will now be limited and we may try above 1100 later this week.
The long term directional indicators have almost put on the brakes for further softening and needs gold to move just above 1100 to achieve direction cancellation.
In the weeklies, the short term directional indicators are trying to defy gravitational pull and attempt to push the other direction with a feeble attempt at the moment.
It will gather more strength if gold holds and closes nearer the higher end of the daily ranges and ideal if it pulls back above 1110.
The medium term trending indicators are still southward bearing and the long term directional indicators are looking closer to almost being triggered and continue to pressurise gold.
Interim supports are at 1076.50, 1065.50 & 1057.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1092, 1094.50 & 1107.50 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1183.95,
p.s. Mib Agenti is away and only returning 27th November.
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The sudden dip seen yesterday has more or less put some of the indicators in the daily charts in a better position.
The short term directional indicators has crept back higher and so lesser downwards pressure.
It is like swimming underwater and almost of breaking the surface, into neutral territory with some upside bias and so, able to catch your breath.
Once broken, it will have an easier time.
The medium term trending indicators benefited the most from yesterday's move as it has nicely crossed over now and gold might recover back towards 1110 if the closing is above 1095 tonight.
The longer term directional indicators' run lower has almost been killed off and some consolidation will ensue.
The momentum/volatility indicators had only gone into the first gear but being set back to neutral when it stopped running lower.
In the weekly charts, the short directional indicators are about 60% done and softness might be observed for another few more weeks.
The medium term trending indicators might keep the sentiment depressed for at least 2 months.
The long term directional indicators are nowhere near of giving the market any hints.
Initial supports are at 1077, 1072 & 1068 with minor supports at 1070.40, 1030.80 & 1023.80.
Initial resistances are at 1094.50, 1117 & 1124 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1105.80/1188.55.
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In the dailies, the short term directional indicators have bottomed and crossed over and poised for some firmness in the next few sessions ahead.
The medium term trending indicators are showing similar signs but it has not crossed over yet so it is like wet clay, can still be moulded according to the potter's hand.
The long term directional indicators are southwards bearing but may reach the end of this run if we do not break below 1080.
The momentum/volatility indicators are receding and may not have sufficient fuel left to force it lower.
In the weeklies, the short term directional indicators are 60% done and if it so desires, gold may feel pressured for at least 3 more weeks at best.
The medium term trending indicators is still young in this rundown, only about 20% done but it may not be able to make too much of it as the momentum/volatility indicators are too low to maintain a sustained move lower.
The long term directional indicators have not come into being and still doodling.
Interim supports are at 1084.50, 1079.50 & 1070 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1095, 1100.50 & 1125 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1113.70/1188.55.
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A very Happy Diwali to all celebrants.
In the dailies, without new lows seen, the short term directional indicators although in the oversold region, have begun to fend off continuing looking soft with a slight tinge of turning itself round.
If by week's ending if no fresh lows are seen, then the turn around would be on a firmer posture.
In the medium trending indicators, a turn around is being engineered as well but it is early yet to indicate if its successful or not.
The longer term directional indicators with a soft bias, maybe negated as early as the week's closing unless it tries and close nearer the 1170's.
In the weeklies, the short term directional indicators are at the 50% mark and has room to see it lower.
However the momentum/volatility indicators are too low and maybe a feeble stab lower, if at all.
The medium term trending indicators have crossed below the parity line suggesting weeks of weakness ahead - maybe at least 2 months.
The longer term directional indicators are still mulling the next move.
Interim supports are at 1080, 1070.50 & 1068.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1104, 1107 & 1125.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1121.20/1188.55.
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The weekly trend changer point which is at 1101.50 is almost within grasp from being triggered on this good run lower.
If that happened then the daily/monthly are already on the same side 1160/1190.70, gold will begin to feel really dense and crumble upon itself.
In the dailies, the short term directional indicator is oversold and dredging the bottom, maybe we will find a gem or two.
The medium term trending indicator has transversed 86% of the length of the previous rise.
With these 2 indicators thus, a push lower will be hard fought as they are technically low and may put on the brakes of this move, albeit for now, it remains under pressure for now.
The long term directional indicators have run about 50% of this move and will take fresh leads from the former 2 indicators mentioned.
In the weeklies, the short term directional indicators have given back 40% of the upmove.
The medium term trending indicators are below parity and so a bearish bias is seen but this is only confirmed if the week's ending are below 1115.
Interim supports are at 1102, 1098.50 & 1083 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1112.70, 1119.70 & 1129.50 with minor resistances at 1123.20, 1132 & 1142.20.
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p.s. Mib Agenti will be away and back next Wednesday 11th November 2015.
In the dailies, the short term directional indicators are in the oversold region.
The medium term trending indicator is nicely three quarters way down and 1090 beckons with a real possibility of reaching this week itself if gold maintains below 1125 or closes below 1115.
However, potency will be lost if it moves back above 1125. The longer term directional indicator marches lower unimpeded.
In the weeklies, the short term directional indicator is almost at the half-way mark.
The medium term trending indicator is southward bearing and protruded just below the parity line putting it's weight on it and the weekly closing must be below 1115 before being considered thus.
The longer term directional indicator is still seeking it's path and may take a couple of months before finding it's course.
Interim supports are at 1111.50, 1109 & 1102.50 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1124, 1129 & 1138 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1168.80/1101.50.
In the dailies, the short term directional indicators are coming into the over sold region now and reading on it's own, gold might test to 1118 before the end of the road.
The medium term trending indicators are gaily heading lower and no signs of trend fatigue and declines might extend for another 2 more weeks.
The longer term directional indicators have just been confirmed and would require considerable time (or dire news) to alleviate the current weakness.
In the weeklies, the short directional indicators has just come a quarter way down and so there is another three quarters of the length of it for coming lower.
The medium term trending indicators will begin threatening the parity line if gold remains below the 1130 at the week's closing.
The possible reading of the long term directional indicators possibly shows that ranges might have already been pre-set, that is, it might not overshoot this year's low as it is still trying to re-align it's sensitivity to the current market.
Interim supports are at 1126.50, 1107.50 & 1113 with minor supports at 1124.40, 1118 & 1103.50.
Interim resistances are at 1145, 1150 & 1152.50 with minor resistances at 1132, 1142.20 1157.
The daily/weekly trend changer points are at 1176.20/1101.50.
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In my absence, gold tried valiantly at the upper resistance around 1200 but failed miserably when facing the monthly trend changer point 1192.35.
Had it triggered that point, then in the much longer term, gold would have found its legs against recent weakness seen in the past few years.
In the dailies, the short term directional indicators have almost come into the overbought region.
The medium term trending indicators suggest that more softness might follow and a target around 1090 is a possibility.
The longer term directional indicator has also now turned downwards and might add on extra pressure.
In the weeklies, the short term directional indicators are newly minted and southerly bearing.
The medium trending indicators are struggling to hold the parity line but may succumb from pressures from a few sources.
The longer term trending indicators which were mildly positive 3 weeks back have now been neutralised.
Interim supports are at 1131, 1126 & 1108 with minor supports at 1130.60, 1128.30 & 1118.
Interim resistances are at 1145, 1149.50 & 1152 with minor resistances at 1142.20, 1157 & 1166.50.
The daily/weekly trend changer points are at 1181.10/1101.50.
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