In the daily charts, the short term directional indicators were
not able to resist the wave of selling as the dollar turned higher in Asia.
The
indicators have now done an about turn and breaking back below the overbought
zone.
So if gold decides to “crash”, this indicator is at such a height it will
provide good yardage and might see gold back around 1200 levels if the rhythm
is not disturbed by fresh news.
The medium term trending indicators has converged
and a new trend will be set if gold manages to close below 1230.
The long term directional
indicators which were mish mashing and had a flicker of a chance to help gold reap
some gains has now gone into limbo.
It will take a week or two before it can be
unencumbered and signs of a new direction emerge.
The momentum/volatility
indicators have started decelerating and some early signs indicating that we
may be entering a consolidation phase soon.
Interim supports are at 1226, 1211.50 & 1205.50 with
minor supports at 1228, 1218.40 & 1208.80.
Interim resistances are at 1236.50, 1241 & 1264.50 with
minor resistances at 1238, 1251.70 & 1268.30.
The daily/weekly trend changer points are at
1217.40/1176.80.
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