I was called away for some urgent business meetings and only
just landed.
Anyway, in the daily charts, the short term directional indicators
are submerged below the oversold region at the moment and just a tad shy off
the bottom.
From here on, gold needs to do one sudden and massive push lower
as, if it manages to hold above 1305, might see some retracements in couple of
days as the indicators will have likely turned back up for the higher.
The
medium term trending indicators are well below the surface and might even
challenge or mirror the previous trough.
If that happened, we could see gold
dipping towards 1250.
The long term trending indicators have finally confirmed
their intent about 4 days back and bearing down on the market like dead weights
while one is trying to keep his head above water.
The momentum/volatility
indicators are a joke. Even with gold breaking below 1309, a previously arguably
strong support level, hardly tickled the momentum and remains unexcitable.
Maybe a closing below the 1309 and nearer the 1305 level could excite it by 2
iotas and thereby, exert upon itself a greater force after that.
Interim supports are at 1305, 1266 & 1243.50 with minor
supports at 1303.60, 1301 & 1298.30.
Interim resistances are at 1322.50, 1325.50 & 1336 with
minor resistances at 1315.50, 1327.80 & 1335.30.
The daily/weekly trend changer points are at
1355.70/1276.90.
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