In the daily charts, the short term directional indicators
briefly touched the 50% mark before succumbing to selling pressures and is now
in the middle of trying to turn back lower.
However, the turn is not yet
confirmed and so, might spell some resistance to selling pressure and may see
the odd bounce up.
The medium term trending indicators did not fare as well and
in fact, has now turned for the lower and again prodding the parity line.
I am
seeing a confirmed turning here and it is trying to push below the parity line
but it must start running lower in order to be effective or else, it will turn
into another failed signal.
The long term directional indicators have again
gone in a limbo walk as the market did not remain in any particular direction
in a sustained time frame and thereby, this indicator has gone sideways again.
It needs gold to thrash the 1300 by the end of week or push above 1380 or else
it’s going to swim in a canal with a wide girth, unsure which side to head for.
The momentum/volatility indicators are festering in it’s own juices as the
market is unable to break out in either direction. For now range traders will
rule the mountain.
Interim supports are at 1331, 1317 & 1299 with minor
supports at 1327.80, 1315.50 & 1303.60.
Interim resistances are at 1342, 1353.50 & 1364 with minor resistances at 1352,
1380.80 & 1386.25.
The daily/weekly trend changer points are at
1374.90/1270.65.
Note: The daily trend changer point was triggered in Asian
hours.
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