In the daily
charts today, the short term directional indicators are trying to do a bendy here.
That is, attempting to cut and cross back lower just as it neared the 50% mark.
That just sets one mulling, why the market has been having such a hard time
breaking out of the current range and quite possibly, the market is near
equilibrium at the moment.
The older buyers are turning into sellers but with
new buyers taking over the positions, albeit at a higher cost.
Unless there is
a decisive winner, the market may continue in this range for some more time.
The medium term trending indicators have resumed partially downwards towards
the parity line, with just a stump sticking towards that direction but still a
distance away from it.
The long term directional indicators are still
inconclusive but depending on where it is keeping the next week, will be
helpful to determine gold’s next direction.
If it keeps lower and nearer 1250,
then it should generate a bearish bias and 1285, to generate a more bullish
bias.
The momentum/volatility indicators are showing a weak pulse but with a
slight bias upwards and will need gold to test at least 1235 before it can be
converted.
Interim
supports are at 1261, 1257 & 1252 with minor supports at 1267.20, 1256.50
& 1239.30.
Interim
resistances are at 1281.50, 1288.50 & 1302 with minor resistances at
1277.30, 1291.40 & 1305.90.
The
daily/weekly trend changer points are at 1265.50/1233.40.
The daily point is so
near you could almost smell it and hopefully it ripe for plucking.
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