In the daily charts the short term directional indicators
have almost come into the overbought zone but falling short.
In fact, strength seems to be seeping as the
march upwards looks like it’s facing a lot of headwind at the moment and maybe, it will not reach the overbought zone before attempting to bend back lower.
The
medium term trending indicators have almost caught up to the parity line so now
comes the toughie, are we going to break through and close above the parity
line or fall back from here?
We need gold to close above 1250 in order to do
that and falling short, gold will likely fall back first.
The long term directional
indicators are negated and right plonk in the middle of the miasma that it
needs to navigate before a new direction become imminent.
If the market
continues being tied tether around here, even 2 weeks might not be sufficient
to get a clear direction.
The momentum/volatility indicators are equally
depressing as it is diving to much lower levels for now.
The earlier and
freshly etched positive bias is not growing deeper and remains weak at the
moment as it could well head back the other way.
Interim supports are at 1236, 1232 & 1222.50 with minor
supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1244.50, 1252.50 & 1258.50
with minor resistances at 1251.70, 1268.30 & 1272.70.
The daily/weekly trend changer points are at 1202.40/1297.60
Mib Agenti will be away for the rest of the week.
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