In the daily
charts, the short term directional indicators managed to slow it’s descent and
even pull cringe back a little such that it’s around the 38% mark.
The medium
term trending indicators have pulled nearer to the parity line and if luck be
on the sellers’ side, we might just as well be testing it before the week is
out.
The long term directional indicators are still mired in the middle and no
clues yet as to the next direction yet.
However if everything continues to
remain soft for another 2 weeks, then we may see it cutting for the lower.
The
momentum/volatility indicators are slipping away quickly but by no means has it
taken a soft stance yet.
It could just be it’s going into hibernation for now
and may yet roar to life, when the winter is over.
Hopefully, it’s stance will
not be commandeered when it re-ignites.
Interim
supports are at 1261, 1255 & 1249.50 with minor supports at 1254.80,
1239.30 & 1228.
Interim
resistances are at 1271.50, 1277.50 & 1296.50 with minor resistances at
1272.70, 1277.30 & 1280.40.
The
daily/weekly trend changer points are at 1257.25/1221.95.
Note – the daily
point has almost come into play J
so if it’s triggered, maybe some down time soon.
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