In the daily
charts, the short term directional indicators are trying hard to stop dribbling
lower and holding just around the 35% level.
If it manages to hold off for
today’s closing, it may yet bottom out in the short term and pull the other way
next week.
The medium term trending indicators are pulling up short of the
parity line as well and looks like it may be trying somersault the other way
but it is still too early to tell for now.
The long term directional indicators
are looking lacklustre at the moment and may continue to look uninspiring for
the next week or two as it is still stuck in the middle unable to push either
way forcefully enough for now.
The moment/volatility indicators are looking
dreadfully dull and that explains the behaviour of the market at the moment.
Noting that at the moment, it remains mildly positive until it crosses the
lines to the other side.
Recent news must have been too repetitive, such that
the market is now callous to it and remains unmoved.
Interim
supports are at 1261.50, 1256.50 & 1250 with minor supports at 1267.20, 1254.80
& 1239.30.
Interim
resistances are at 1275, 1292.50 & 1304 with minor resistances at 1277.30,
1280.40 & 1291.40.
The
daily/weekly trend changer points are at 1260/1221.95.
Get Gold Trading Chat (Android), excerpts from there
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