In the daily charts, the short term directional indicators have
gone deeper into the overbought zone and without a corresponding price action in
the gold.
That makes it a little worrisome as it is out of sync and usually in such
instances, the price prevail.
The medium term trending indicators are
positively above the parity line now but it is not extending higher with slight
signs of trend weariness.
If it doesn’t start moving higher and close above
1360 soon, we will see trend retardation and then decay and finally failure.
The
whole process could be over in 3 days.
The long term directional indicators are
so close to converging, but with the lower gold price action makes it doubly
difficult to close in a positive light and provide too much impetus for gold to
try higher at the moment.
The momentum/volatility indicators have dropped a
notch and may see slide back to a state of dispirited range bound activity.
It
is hard to get excited with the market in such a phase but luckily summer is
almost over and hopefully, we have a bang to the close of the year.
It looks
and feels like we maybe building up to that as it’s the most peaceful at the
eye of the storm.
Interim supports are at 1335.50, 1327.50 & 1314.50 with
minor supports at 1344.20, 1335.30 & 1326.
Interim resistances are at 1355.50, 1358 & 1373.50 with
minor resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at
1304.90/1282.20.
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