In the daily charts, the short term directional indicators
are pushing towards the floor right now and its near enough too.
Due to it not keeping
near to the earlier lows in Asia, the descent lower and recoiling back higher will
encourage tapering.
If the recent low is not breeched soon with a closing below
that, the indicator will go into recovery in another 2 days.
The medium term
trending indicators looks spent and may have run its course at the moment and it
may yet bottom out from here.
However, if sellers bunch together and continue with
the onslaught, we may continue to enjoy the slide for a wee bit longer.
The
long term directional indicators came off a sharp gradient and nothing to
suggest that the fall is over yet.
The only thing keeping it from a freefall is
the supports along the way as each time it surpasses one, some heat (strength)
is taken off.
The momentum/volatility indicators are gearing higher from the
week before, all it needs is a 30% increase from current levels and gold will
happily run along lower.
The bearish bias is also deepening and the push might
become a shove.
Interim supports are at 1198, 1188.30 & 1165 with minor
supports at 1200.10, 1178.60 & 1168.70.
Interim resistances are at 1227.60, 1233.30 & 1237 with
minor resistances at 1218.50, 1231.40 & 1238.
The daily/weekly trend changer points are at
1267.20/1301.60.
Happy Holidays to my friends in the US and UK.
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