In the daily charts, the short term directional indicators
are posing lower despite the little filip done in the Asian hour so that could
possibly be an Asian thing.
That is, the
market will likely correct itself as the earlier move was slightly against the
grain.
The medium term trending indicators, since the last update, came off and
almost flirted with the parity line but somehow managed to keep its nose clean
and started holding up and pulling back higher, like the recoil of a bungee
cord.
However, where it is now, it is feebly higher and the earlier soft stance
has not been overridden and failure to cut back higher and close above 1360,
could doom gold and the indicator may test the parity line by the end of the week.
The long term
directional indicators are still in the middle ground without any queues of a
favoured side yet.
It will so remain for at least another week and half.
The
momentum/volatility indicators are really at desolate levels and would need
massive news to awaken the giant.
It could be the summer doldrums but it could
just be, the Olympic effect.
Whatever it is, keeps gold tightly range bound at
the moment, but with a slight tinge on the upper side.
Interim supports are at 1342, 1335.50 & 1329.50 with
minor supports at 1315.50, 1303.60 & 1301.
Interim resistances are at 1350, 1370 & 1375 with minor
resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at
1329.55/1256.95.
Note: the daily point is almost ripe for the picking.
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