In the daily charts, the short term directional indicators
continue its downward spiral but strangely, gold was only half convinced.
It
followed it lower but towards the closing, rose back and closed above the 1230’s.
The indicators are pushing back below the overbought region and at
around the 75% mark now.
Gold will likely continue to be under pressure for now.
The medium term trending indicators have a nicely formed divergence so gold is
pressured from the starting of the week and the parity line attracts.
Gold has
largely shrugged off attempts to sell into it and propped it back higher.
As it
had recently peaked, gold could take up to 3 weeks dwelling nearer the lower
end of the recent ranges, as it resynchronizes itself and next direction
becomes apparent.
The long term directional indicators are levelling off and
near to being parallel to the axis.
The gaps between the indicators are also
narrowing but the direction has not been confirmed cutting to a reversal yet.
The momentum/volatility indicators are back into the unexciting, nothing’s
happening zone for now.
There is also a convergence of the indicators and this
round, failure on the upside, possible could cause a flurry on the downside.
The positive bias gap is getting narrower but still far from over at the
moment.
Interim supports are at 1221.50, 1219.50 & 1209 with
minor supports at 1218.40, 1212.60 & 1204.70.
Interim resistances are at 1228, 1248 & 1259.50 with
minor resistances at 1231.40, 1238 & 1242.
The daily/weekly trend changer points are at
1206.40/1142.75.
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