In the daily charts, the short term directional indicators
are drifting lower and towards the oversold region and just a day or two shy of
hitting the spot, languishing around the 30% level.
The good news is, only one
of 2 things can happen.
The first being, a complete meltdown and the second is,
market continues ranging and a failed attempt at pushing it lower by the week’s
end and a recovery higher next week.
The medium term trending indicators tried
hard to cross back higher and the lines were so near to crossing over that they
were literally sniffing each other’s butts and failed.
At the moment, they have
almost started repelling one another, pushing it lower, and may open up to
fresh selling, if and when it happens.
The long term directional indicators looks
absolutely complacent and almost having no ripples.
From the looks of it, gold could
well be stuck for another 2 months, a gloom period for the position traders but
good news for the range traders.
The momentum/volatility indicators are looking
solidly in deep hibernation at the moment and would need a really strong
catalyst to heat up the elements to get it moving in a bigger way.
Or at least,
stir it up a little more than the current range.
Interim supports are at 1348.50, 1343.50 & 1334.50 with
minor supports at 1335.30, 1327.80 & 1322.60.
Interim resistances are at 1366.50, 1372.50 & 1380 with
minor resistances at 1380.80, 1386.25 & 1410.
The daily/weekly trend changer points are at 1330/1256.95.
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