In the daily charts, the short term directional indicators
have been pushing lower only to around the higher 50% level.
Looking at the
ferocity of the moves the past couple of days, gold seems to be very malleable and
turning into putty so, if our luck holds out, could send gold right back to
1130’s level soon enough.
The medium term trending indicators are still nicely
pouring lower and half way towards the parity line and if it manages to clear
that, could be in for another big drop.
However, gold must take advantage of
the pent up forces lest let it tarry and it will dwindle and goes the chances
to send it lower.
The long term directional indicators have officially crossed
over and the positive bias has been negated.
If market moves quickly enough, the
new direction could be set as quickly by next week.
The momentum/volatility
indicators are pushing lower by a couple of notches and the positive/negative
poles are pulling nearer but not in immediate danger of cancelling each other
out with the positive bias still on top.
Interim supports are at 1188.50, 1170 & 1162.50 and the
minor supports at 1182.50, 1178.60 & 1168.70.
Interim resistances are at 1194, 1203 & 1207 and the
minor resistances at 1196.70, 1207.50 & 1210.20.
The daily/weekly trend changer points are at 1219.60/1124.25.
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