In the daily charts, the short term directional indicators have
poked into the oversold region at the moment.
Hopefully there will be upcoming
news today to help drive gold below 1300 and it will be a nice quick ride
lower.
If by the closing we recover back above 1313, then next week might see
gold trying to pare some losses.
The medium term trending indicators are about
50% done in its current run, if it is a mini run and hopefully gold mirrors the
indicators closely so we can see a fresher range, and soon.
Of course what will
be better would be a bigger run, but I wouldn’t hold my breath at the moment.
The
long term directional indicators are nearing cutting lower and confirmation of
the new direction.
It will need at least 2 more days at the quickest, on top of
requiring gold to continue lower to have a chance of confirming the bearish outlook.
The momentum/volatility indicators are still unresponsive to the movements so
far.
It has only slo-mo moved up 2 notches and is stubbornly refusing to be
caught up in the recent developments. Maybe when gold breaks and closes below
1300 might then see this indicator live its part.
Interim supports are at 1304.10, 1276 & 1265.50 with
minor supports at 1303.60, 1298.30 & 1294.
Interim resistances are at 1321.80, 1328.50 & 1351.50
with minor resistances at 1316, 1335.50 & 1338.
The daily/weekly trend changer points area are at 1351.80/1288.30.
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