In the daily charts, the short term directional indicators,
as dreaded, have managed to secure a turning here, albeit a day earlier than
anticipated.
Anyway, coming from such a low level and if the journey is smooth,
might see gold recover back to at least 1235 levels.
The medium term trending indicators have gone
really deep and showing the faintest signs of trying its hand for some
retracements due to gold shying away from yesterday’s low.
This can be quickly
ironed out should gold decide to ease back to recent lows but, having run such
a course, lows for now may have been had.
The long term directional indicators
are showing slight tapering as selling may be curbed for now.
Vigour will be
renewed if gold thrashes and closes below 1200.
The momentum/volatility
indicators are losing a little steam and the bullish bias is starting to show a
little weariness.
It seems like gold may be going to be traipsing around for some
more time as the next set of news or geopolitical tensions leads it along where
gold is willing to follow.
Interim supports are at 1199, 1192.50 & 1188 with minor
supports at 1208.80, 1200.10 & 1178.60.
Interim resistances are at 1224, 1228.50 & 1238 with
minor resistances at 1222, 1231.40 & 1240.70.
The daily/weekly trend changer points are at
1257.80/1303.60.
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