An urgent trip kept me away from the market and my charts but I am back now and will scoot off when the next urgent trip arises.
In the daily charts, the short term directional indicators have just touched the oversold zone.
Looking at the way it is managing to keep clear of 1200 level, could underpin prices in the interim and permit it to recover to such a height that permits it to break the 1200 level with ease later on, that is, if it recovers sufficiently.
Otherwise, being in the oversold zone, further downside forays will be doubly tougher than usual.
The medium term trending indicator has clearly and conclusively broken below the parity line.
However, it did not take full advantage of it and if gold recovers sufficiently, might cause a turning in this indicator and retest back the parity line.
The long term trending indicators have crossed over 2 days back and gold is under pressure to test lower but didn't even get near to the 1200.
As such, the earlier force is spent and might need some time to resynchronise and hopefully at that time, the indicator is still in favour of seeking fresh lows.
The momentum/volatility indicators are decaying gradually and would need fresh news or new positions coming into the market in order to revitalise it.
Interim supports are at 1216.50, 1211.50 & 1199.50 with minor supports at 1218.40, 1208.80 & 1200.10.
Interim resistances are at 1228.50, 1233 & 1247.50 with minor resistances at 1231.40, 1238 & 1251.70.
The daily/weekly trend changer points are at 1261.80/1151.75.
Get Gold Trading Chat (Android), excerpts from there
In the daily charts, the short term directional indicators have just touched the oversold zone.
Looking at the way it is managing to keep clear of 1200 level, could underpin prices in the interim and permit it to recover to such a height that permits it to break the 1200 level with ease later on, that is, if it recovers sufficiently.
Otherwise, being in the oversold zone, further downside forays will be doubly tougher than usual.
The medium term trending indicator has clearly and conclusively broken below the parity line.
However, it did not take full advantage of it and if gold recovers sufficiently, might cause a turning in this indicator and retest back the parity line.
The long term trending indicators have crossed over 2 days back and gold is under pressure to test lower but didn't even get near to the 1200.
As such, the earlier force is spent and might need some time to resynchronise and hopefully at that time, the indicator is still in favour of seeking fresh lows.
The momentum/volatility indicators are decaying gradually and would need fresh news or new positions coming into the market in order to revitalise it.
Interim supports are at 1216.50, 1211.50 & 1199.50 with minor supports at 1218.40, 1208.80 & 1200.10.
Interim resistances are at 1228.50, 1233 & 1247.50 with minor resistances at 1231.40, 1238 & 1251.70.
The daily/weekly trend changer points are at 1261.80/1151.75.
Get Gold Trading Chat (Android), excerpts from there
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