In the daily
charts, the short term directional indicators have finally crossed and
downwards bearing and a pity it’s below the 50% mark.
That results in less room
to push lower before hitting the oversold region.
Anyway, it didn’t push much
lower even as gold was just nearby the 1250’s level.
The medium term trending
indicators on the other hand, put up a nice performance today.
In one fell
swoop, it has pierced the parity line with the move today.
However, the key to
confirming the move, vis-à-vis sustainability, gold has to close below 1250 for
today.
Failing which, that is, it closes above 1260, then it will likely undo
the earlier advantage of the selloff and pull it’s hem line back above the
parity line.
The long term directional indicators are very close to triggering
a bearish signal but are yet unconfirmed.
Until it’s confirmed, it has every
chance to salvage itself and change the outlook again.
The momentum/volatility
indicators have gone lower by 2 notches and possibly unlikely to push too far
from nexus.
It is looking a little like the long term indicators, that is, it
is very close to start looking bearish but still unconfirmed.
So if the momentum
doesn’t build up and the direction change signals does not confirm, we might
see a reversal any time soon.
Interim
supports are at 1243, 1233 & 1206 with minor supports at 1239.30, 1228
& 1218.40.
Interim
resistances are at 1256, 1259.50 & 1266.50 with minor resistances at
1268.30, 1272.70 & 1278.30.
The daily/weekly
trend changer points are at 1302.65(triggered today)/1233.40(nice if triggered).
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