In the daily charts, the short term directional indicators
have now turned up, offering some respite from the recent softness seeing gold
testing back to crucial support at 1308.
If it is a good turning, possibly gold
could test back to at least 1350.
The medium term trending indicators are being
kept in check at the parity line as it is starting to falter.
If it manages to hold
off further downward pressures, would see gold climbing back as early as the
middle of next week.
The long term directional indicators are meshed together albeit
with a slight bearish bias.
The momentum/volatility indicators spiralled
uncontrollable lower and it will be difficult to urge gold to move too
significantly in the next few days unless of course there was some earth
shaking news.
It is still maintaining a tinge of softness but may not have the
sufficient oomph to push it too low.
Interim supports are at 1316, 1305 & 1301.50 with minor
supports at 1315.50, 1303.60 & 1298.30.
Interim resistances are at 1331, 1345.50 & 1363 with
minor resistances at 1335.50, 1338 & 1352.
The daily/weekly trend changer points are at
1306.55/1232.90.
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