In the dailies, the short term directional indicators are in the oversold region.
The medium term trending indicator is nicely three quarters way down and 1090 beckons with a real possibility of reaching this week itself if gold maintains below 1125 or closes below 1115.
However, potency will be lost if it moves back above 1125. The longer term directional indicator marches lower unimpeded.
In the weeklies, the short term directional indicator is almost at the half-way mark.
The medium term trending indicator is southward bearing and protruded just below the parity line putting it's weight on it and the weekly closing must be below 1115 before being considered thus.
The longer term directional indicator is still seeking it's path and may take a couple of months before finding it's course.
Interim supports are at 1111.50, 1109 & 1102.50 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1124, 1129 & 1138 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1168.80/1101.50.
The medium term trending indicator is nicely three quarters way down and 1090 beckons with a real possibility of reaching this week itself if gold maintains below 1125 or closes below 1115.
However, potency will be lost if it moves back above 1125. The longer term directional indicator marches lower unimpeded.
In the weeklies, the short term directional indicator is almost at the half-way mark.
The medium term trending indicator is southward bearing and protruded just below the parity line putting it's weight on it and the weekly closing must be below 1115 before being considered thus.
The longer term directional indicator is still seeking it's path and may take a couple of months before finding it's course.
Interim supports are at 1111.50, 1109 & 1102.50 with minor supports at 1103.50, 1070.40 & 1030.80.
Interim resistances are at 1124, 1129 & 1138 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1168.80/1101.50.
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