In the daily charts, the short term directional indicators
are pushing towards the 30% mark.
However relative to the gold price, which has
not caught to the movement as in the indicator, gold is still flaccid and a
backbone is yet to grow out of it as it as it remains still slightly nearer the
lows than away from it.
The medium term trending indicators managed to confirm
cutting back higher and it’s coming from a very deep valley.
This opens up the
upside for some serious play ahead.
However, all of that may come to naught if
gold totally dismisses the signal generated and languishes just around here.
The long term directional indicators are finally waning and to cancel the soft
signals, it needs gold to push back above 1230 by the middle of next week.
The momentum/volatility
indicators have dropped 2 notches lower but the soft bias is still nowhere to
being compromised and overhangs like a cloudy day.
Interim supports are at 1201, 1196 & 1188.50 with minor
supports at 1208.80, 1200.10 & 1178.60.
Interim resistances are at 1220.50, 1239 & 1243.50 with
minor resistances at 1218.50, 1231.40 & 1240.70.
The daily/weekly trend changer points are at
1242.65/1303.60.
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