A very Happy Diwali to all celebrants.
In the dailies, without new lows seen, the short term directional indicators although in the oversold region, have begun to fend off continuing looking soft with a slight tinge of turning itself round.
If by week's ending if no fresh lows are seen, then the turn around would be on a firmer posture.
In the medium trending indicators, a turn around is being engineered as well but it is early yet to indicate if its successful or not.
The longer term directional indicators with a soft bias, maybe negated as early as the week's closing unless it tries and close nearer the 1170's.
In the weeklies, the short term directional indicators are at the 50% mark and has room to see it lower.
However the momentum/volatility indicators are too low and maybe a feeble stab lower, if at all.
The medium term trending indicators have crossed below the parity line suggesting weeks of weakness ahead - maybe at least 2 months.
The longer term directional indicators are still mulling the next move.
Interim supports are at 1080, 1070.50 & 1068.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1104, 1107 & 1125.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1121.20/1188.55.
Get Gold Trading Chat, excerpts from there
In the dailies, without new lows seen, the short term directional indicators although in the oversold region, have begun to fend off continuing looking soft with a slight tinge of turning itself round.
If by week's ending if no fresh lows are seen, then the turn around would be on a firmer posture.
In the medium trending indicators, a turn around is being engineered as well but it is early yet to indicate if its successful or not.
The longer term directional indicators with a soft bias, maybe negated as early as the week's closing unless it tries and close nearer the 1170's.
In the weeklies, the short term directional indicators are at the 50% mark and has room to see it lower.
However the momentum/volatility indicators are too low and maybe a feeble stab lower, if at all.
The medium term trending indicators have crossed below the parity line suggesting weeks of weakness ahead - maybe at least 2 months.
The longer term directional indicators are still mulling the next move.
Interim supports are at 1080, 1070.50 & 1068.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1104, 1107 & 1125.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer points are at 1121.20/1188.55.
Get Gold Trading Chat, excerpts from there
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