Wednesday, June 1, 2016

Gold Trends (1 June 2016) - Updates of Mib Agenti

In the daily charts, the short term directional indicators are finally taking some heat off the recent decline and just started pushing away from the oversold zone. 

So it is looking mildly positive at the moment and hopefully be able to lift clear off and recover back to at least 1235 and make good use of this and not be a wasted opportunity. 

The medium term trending indicators had a sharp turn around but is very near to being confirmed.  

It just needs gold to move and close back above 1225 and it’s a done deal. 

If it’s endeavour is successful, that could mean gold testing back to 1250 in the next week or two. 

The long term directional indicators are continuing to taper slightly further with each passing day with recent lows not breached but remain cautiously on the softer side. 

Gold needs to just guard the recent lows for at least 2 to 3 weeks and the indicators will likely be poised for having a break back higher. 

The momentum/volatility indicators are ebbing but the bearish stance has not yet been overwhelmed and likely be like a dark cloud, ready to pour when it starts raining but nothing doing until it does.

Interim supports are at 1201.50, 1194 & 1188.50 with minor supports at 1212.60, 1208.80 & 1200.10.

Interim resistances are at 1223, 1239.50 & 1249 with minor resistances at 1222, 1231.40 & 1238.


The daily/weekly trend changer points are at 1249.65/1303.60.

No comments: