In the daily charts, the short term directional indicators
have lost some ground and pushing lower today.
It has almost reached the 35%
mark and a pittance the gold price is not in tandem taking advantage of the easing
indicators.
In another day or two the indicators will have probably flopped
near to the oversold region but without a correspondent price action, it will then likely see gold pushing back higher after that.
The medium term trending
indicators on the other hand has convincingly confirmed it’s crossing back to
the lower, plus gone below the parity line and bearing downwards.
With nothing
else giving gold a push lower, it may just dwindle around here and after a long
enough duration of not testing lower, the indicator will surely right itself
and start trying the other way.
The long term directional indicators are still
in the thick of the forest and would require agile meandering before a clear
signal/direction can be generated.
At the quickest, it needs another week to
show its ace, if at all. The momentum/volatility indicators are at such low
levels it’s like lull of the waves in the background.
Almost unnoticeable but
study it you must or else before you know it, the tsunami hits you and you
missed the ride of your life.
Interim supports are at 1314.50, 1311.50 & 1304.50 with
minor supports at 1315.50, 1303.60 & 1298.30.
Interim resistances are at 1327, 1331 & 1351 with minor resistances at
1335.50, 1338 & 1352.
The daily/weekly trend changer points are at
1312.05/1288.30.
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