In the daily charts, the short term directional indicators
have been pushed lower to around the 50% level now.
If market wishes to play
the recent lows, maybe back towards 1305, there is still sufficient height in
the indicators.
If market do go there, then possibly it might run out of “run
way” for gold to zip too low.
The medium term trending indicators have been
pushing lower and just managed a confirmed cutting for the lower.
However, the
parity line is now in the way and if gold manages to hang on here flirting with
the parity line, it may well stave off fresh attempts to force it lower.
Gold
needs to hang on here above 1320, without succumbing, at least till the end of
the week and we may see a small recovery by next week, as it needs time to shake
out all the negativity.
However, that is a tall order and the market is jittery
as the interest rate hike news keeps flicking the switch on and off repeatedly
for the past year.
The long term directional indicators have gone into limbo
for now as it needs to work out the next course of direction it favours as it
is right smacked in the middle.
The momentum/volatility indicators are too
depressing to look as it has dived all the way to the bottom but it has almost
cut across, on the verge of generating a negative bias for now.
Interim supports are at 1313.50, 1310 & 1306 with minor
supports at 1315.50, 1303.60 & 1301.
Interim resistances are at 1331, 1350.50 & 1364.50 with
minor resistances at 1335.50, 1338 & 1352.
The daily/weekly trend changer points are at
1310.40/1288.30.
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