Fortunately my travels permits stopping by a couple of days,
of home leave, before going on a new business trip again.
So a quick update
while I am home.
The short term directional indicators came very near to the
oversold zone but now turned back up.
The medium term trending indicators are
testing the parity line, flowing downwards from a height.
A contest of wills, will be fought here to decide if we see new lows are if the 1300 will be able to
hold it here with a major resistance at 1308.
If it holds, then potentially we have a chance to recover back to
at least 1350.
The long term directional indicators have almost confirmed
cutting and if it does, portends that gold will remain weaker for a
considerable period longer.
The momentum/volatility indicators were driven
quickly lower such that it is looking lacklustre at the moment.
However, it is
suggesting that bearish phase is not yet over and sometime would be needed to
resynchronise all the indicators which have now gone out of whack.
Interim supports are at 1315, 1311.50 & 1301 with minor
supports at 1308, 1298.30 & 1294.
Interim resistances are at 1330, 1333.50 & 1355 with
minor resistances at 1323.40, 1344 & 1352.
The daily/weekly trend changer points are at
1303.70/1232.90.
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