In the daily charts, the short term directional indicators
are pushing a little higher despite the softening price.
It just managed to
push slightly above the 50% mark, a slight idiosyncrasy in the making.
The
medium term trending indicators is almost in the same position. It
has now
produced a beautiful cutting up, but will any follow through be seen later on?
With the prices slipping, it is a little hard to see it happening too soon as
the longer it stays away from the recent highs, will soon turn this indicator
back lower.
The long term directional indicators are trying really hard to go
into a position where it underpins gold where it is now but is still at least a
week shy of that happening.
In the meanwhile, a lot of things can happen during
that time and if gold slips and closes below 1340 at today’s closing, the chances
of that happened is severely dimmed.
The momentum/volatility indicators are
continuing to suggest that market will continue in tight ranges and a good idea
to whip out the looping orders to be worked and take a vacation in the
meanwhile, but maybe just for a week.
Interim supports are at 1343.60, 1339.10 & 1332.10 with
minor supports at 1335.30, 1326 & 1315.50.
Interim resistances are at 1353.90, 1367.60 & 1373.320
with minor resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at 1337.20/1264.
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