An urgent matter required my close supervision last week and
it took a week to smoothen some ruffled feathers.
All smooth now and only just reached
home, trading would have been fun as gold had its highlights which removed all
traces of dullness earlier part of last week.
However, in the same form of the earlier
weeks, gold lost its nerve and unable to close above a key resistance situated
very near 1260’s levels.
In the daily charts, the short term directional indicators
are around the 43% level and bearing lower at the moment.
The medium term trending
indicators are sweeter, just caressing the parity line and bearing lower as
well but not yet penetrated below.
The long term directional indicators will need 2 weeks before the next
directional becomes apparent.
The momentum/volatility indicators have cooled
off very quickly this round and almost gone into a chill mood.
We certainly
need some zest in order to rattle it either way and hopefully it comes sooner
than later or we all might just fall asleep watching it range.
Interim supports are at 1228, 1222.50 & 1210.50 with
minor supports at 1228, 1218.40 & 1208.80.
Interim resistances are at 1253.50, 1257.20 & 1264.50
with minor resistances at 1242, 1251.70 & 1268.30.
The daily/weekly trend changer points are at
1270.10/1196.70.
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