Gold has recovered nicely off the lows and hopefully the daily trend changer point, sitting pretty at 1081.70, is triggered today and some respite can be had from the lows for the remainder of the year.
Let it not be another near-miss again as the whole year has only been filled with them.
In the daily charts, the short term directional indicators righted itself and with the divergence in it, might just be sufficient fuel to propel it towards 1100.
The medium term trending indicators is in the same direction as the former and looks set to have a nice rebound.
The longer term directional indicators are almost colliding and with gold where it is, it might have crossed over now and the bearish bias will likely be nullified.
The weekly charts are creatures of a different nature like it was in a time warp and times shape up accordingly at its own timing.
The short term directional indicators has gone 30% deep into the oversold zone and hopefully with gold where it is, is sufficient to effect a recovery out of the zone.
The medium term trending indicators remain staunchly negative while the longer term directional indicators look unmoved.
It is only with today's closing that we can see the effect of the week's session next week, after it's set in stone.
The momentum/volatility indicators in both intervals are still lacking oomph as it has not built up sufficiently to see any major move, either ways.
Interim supports are at 1078.50, 1065.50 & 1052 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1093, 1112.50 & 1117 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1166.85.
p.s. Mib Agenti is away for 2 weeks and may provide interim reports if time allows.
Get Gold Trading Chat, excerpts from there
Let it not be another near-miss again as the whole year has only been filled with them.
In the daily charts, the short term directional indicators righted itself and with the divergence in it, might just be sufficient fuel to propel it towards 1100.
The medium term trending indicators is in the same direction as the former and looks set to have a nice rebound.
The longer term directional indicators are almost colliding and with gold where it is, it might have crossed over now and the bearish bias will likely be nullified.
The weekly charts are creatures of a different nature like it was in a time warp and times shape up accordingly at its own timing.
The short term directional indicators has gone 30% deep into the oversold zone and hopefully with gold where it is, is sufficient to effect a recovery out of the zone.
The medium term trending indicators remain staunchly negative while the longer term directional indicators look unmoved.
It is only with today's closing that we can see the effect of the week's session next week, after it's set in stone.
The momentum/volatility indicators in both intervals are still lacking oomph as it has not built up sufficiently to see any major move, either ways.
Interim supports are at 1078.50, 1065.50 & 1052 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1093, 1112.50 & 1117 with minor resistances at 1123.20, 1132 & 1142.20.
The weekly trend changer point is at 1166.85.
p.s. Mib Agenti is away for 2 weeks and may provide interim reports if time allows.
Get Gold Trading Chat, excerpts from there
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