In the daily charts, the short term directional indicators
are nicely bearing upwards and just shy of touching the 50% mark.
After all, it
is a market holiday, that is, the US Labour Day Holiday.
The market has been very
docile today with nothing otherworldly happening with most preferring to sit on
the sidelines, happy to just idle till at least, the market movers are back
tomorrow.
The medium term trending indicators are turning up really nicely and
only in the middle of their recovery.
Even if there were no power pushing it
higher, with the indicator thus formed, would suggest that it will at least
remain nearer the firmer side so the lower supports will bereft of a visit
anytime soon, at least for another week.
The long term directional indicators have
finally managed to negate the bearish signals for now.
However, that will mean
that it will need time to re-synchronise and strategise its next move, and at
the quickest, will take at least 2 weeks before the new trend becomes apparent.
The momentum/volatility indicators are still nonstarters and of no use in
helping gold moving too far away from current ranges.
There is a slight tinge
of bullishness at the moment but the problem is, it is not running away.
Interim supports are at 1322, 1314 & 1306.50 with minor
supports at 1315.50, 1303.60 & 1298.30.
Interim resistances are at 1327.50, 1332.50 & 1351.50
with minor resistances at 1335.50, 1338 & 1352.
The daily/weekly trend changer points are at 1337.20/1282.80.
No comments:
Post a Comment