In the daily charts, the short term directional indicators
is trying to head of fresh selling pressure but attempting to pull it back
higher as it is just slightly above the oversold region.
In normal market
conditions, it should have pulled back higher by now.
However, it is a little
worrisome that it still has not pulled higher.
So, it could be an early signal
that perhaps, the highs are in place for now.
The medium term trending
indicators have made contact with the parity line but other than that, not much
else happened.
Usual market reactions to that would have some follow through
selling but it is just holding at the parity line and could be easily
overpowered and turn back higher again.
If the long term directional indicators
are still working as it should, then, as gold is tending lower and if it
succeeds in keeping it below 1340 and better yet, below 1330 by the week’s end,
could see gold testing lower very soon.
The momentum/volatility indicators are
in a dire situation as they are at such low levels, will continue to keep
movements tightly reined in, suffocating the traders and continue to keep the
market disillusioned.
We just need some
fresh geopolitical news to bring gold out of hibernation.
Interim supports are at 1338, 1330.50 & 1325 with minor
supports at 1327.80, 1315.50 & 1303.60.
Interim resistances are at 1343.50, 1361.50 & 1370.50
with minor resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at 1333.50/1264.
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