In the daily charts, the short term directional indicators have now crooked and pointed lower around the 45% mark.
The medium term trending indicators is starting to get interesting as it is almost breaching the parity line and hinges on where it closes for the day.
After the breach is confirmed, we only need to worry how low it descend to.
The long term directional is moving a notch quicker than earlier thought. At the rate it’s going, the new direction might be apparent as early as the middle of next week.
The momentum/volatility indicators are still spiraling and no sign of it reigniting and a fresh resurgence at the moment.
In the weekly chart, the medium term trending indicator looks nicely formed and the peak in place.
The height it has built up sets up nicely for a long way down later, albeit, sufficient momentum/volatility on the back of it.
Interim supports are at 1218.50, 1212 & 1210 and minor supports at 1215, 1208.80 & 1200.10.
Interim resistances are at 1223.50, 1229 & 1235.50 and minor resistances at 1221.70, 1231.40 & 1238.
The daily/weekly trend changer points are at 1276/1137.20.
Get Gold Trading Chat (Android), excerpts from there
The medium term trending indicators is starting to get interesting as it is almost breaching the parity line and hinges on where it closes for the day.
After the breach is confirmed, we only need to worry how low it descend to.
The long term directional is moving a notch quicker than earlier thought. At the rate it’s going, the new direction might be apparent as early as the middle of next week.
The momentum/volatility indicators are still spiraling and no sign of it reigniting and a fresh resurgence at the moment.
In the weekly chart, the medium term trending indicator looks nicely formed and the peak in place.
The height it has built up sets up nicely for a long way down later, albeit, sufficient momentum/volatility on the back of it.
Interim supports are at 1218.50, 1212 & 1210 and minor supports at 1215, 1208.80 & 1200.10.
Interim resistances are at 1223.50, 1229 & 1235.50 and minor resistances at 1221.70, 1231.40 & 1238.
The daily/weekly trend changer points are at 1276/1137.20.
Get Gold Trading Chat (Android), excerpts from there
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