In the daily charts, the short term directional indicators
are inching towards the 30% mark and it remains downwards sloping.
However gold
did not go lower but in fact, pared losses and if it pushes above 1255 at the
closing, might in fact cause the indicators to go into a recovery phase.
The
medium term trending indicators are dribbling the parity line right now.
The next major news (FOMC) will decide if we bounce
or sink.
Either way, the move could be worth $30 either ways. The long term
directional indicators are caught thick in the middle and will take more time before
a fresh direction emerges.
The momentum/volatility indicators are totally void
of the likelihood of a good move any time soon.
So woe be to us and hopefully
the longs don’t start to panic and reduce their exposures at every rally.
Interim supports are at 1241, 1238.50 & 1230.50 with
minor supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1254, 1258.50 & 1266 with
minor resistances at 1251.70, 1268.30 & 1272.70.
The daily/weekly trend changer points are at
1268.40/1196.70.
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