Gold has indeed come nicely lower today. In the daily
charts, the short term directional indicators are pushing lower into the
oversold zone.
At the rate of the
decline and the level of this indicator at the moment, we will be lucky if gold
managed to test at least 1200 but by that time, the indicator might be hitting
the floor.
The medium term trending indicators is looking fast and furious and
giving the move a little bit of spine but from where it is now, maybe we only
have left another week of weakness.
The
long term directional indicators are set on a solid path at the moment and the
market will likely continue to adopt a soft stance stretching out for another 2
weeks.
Reprieve will only came from news or geopolitical tensions.
The
momentum/volatility indicators are keeping to a softer approach and
surprisingly, although market has come down quite a bit, the indicators are not
yet roaring.
Interim supports are at 1215.50, 1201.20 & 1189.60 with
minor supports at 1212.60, 1208.80 & 1200.10.
Interim resistances are at 1224.50, 1230 & 1245.50 with
minor resistances at 1222, 1231.40 & 1238.
The daily/weekly trend changer points are at
1289.20/1303.60.
No comments:
Post a Comment