Being called
back to my head office kept me away from the markets for almost 2 weeks but I
am glad to be finally home.
Gold only managed to climb to around 1300 before
shying back and that certainly leaves a black mark on its recent performance.
In the daily charts, the short term directional indicators had merely left an
imprint at the overbought zone before forcing itself back lower and it’s around
the 35% mark.
In the medium term trending indicators, the ugly mark is more
clearly seen is an undeniable divergence has emerged and it is now heading back
towards the parity line.
That may be reached by the week’s end.
The long term directional indicators which were
having a brief run upwards have now been cancelled and it will take at least a
couple of weeks before a new direction solidifies.
The momentum/volatility
indicators enjoyed a brief flurry but has just as quickly, tumbled and receded
into passivity at the moment.
We need new stimulus to crank it up a few notches
again and hey days might be had again.
So even with some of the indicators
showing signs of weakness, due to the low momentum, sellers might not get their
day.
Interim
supports are at 1272, 1261 & 1256 with minor supports at 1270.60, 1267.20
& 1256.50.
Interim
resistances are at 1280, 1300 & 1304 with minor resistances at 1278.30,
1291.4 & 135.90.
The
daily/weekly trend changer points are at 1256.20/1221.95.
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