In the daily charts, the short term directional indicators although
near the oversold region, has not recovered fully and merely reached the 30%
mark before starting to look sickly again.
In fact it is now trying to turn
back lower.
However the glaring question is, even if it were successful to turn
it lower, being so near to the oversold region, how far will it really run?
The
medium term trending indicators had initially retracted just a tad above the
parity line, like cringing from the cold and on the verge of crossing back over
but it never really did.
So if a fresh torrent of selling comes into the
market, support could easily be eroded as the indicator is still negative biased.
The long term directional indicators straightened itself out and unlikely to
have any bearing for another 2 weeks.
It is a pity as it come slightly close to
being confirmed and as quickly, unraveled itself.
The momentum/volatility
indicators are no fun at all as more consolidation is in the immediate future.
It
is like, we are all trying to enjoy a roller coaster ride but it’s being pulled
by a tortoise.
Hopefully the FOMC minutes in a few hours time will be enough to
kick start something bigger.
Interim supports are at 1341.50, 1338.50 & 1331 with
minor supports at 1335.30, 1326 & 1315.50.
Interim resistances are at 1348, 1366.50 & 1384 with
minor resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at 1335.15/1264.
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