In the daily charts, the short term directional indicators are
trying to steel itself and fend off further attacks at the lows, as the
smallest kink is now visible with gold where it is.
The weekend occurrence in
Manhattan probably coaxed players to play it safe and take it back for now and
see how it pans out.
If gold refuses to go near to the recent low and also
close below 1310, then the small dent will only grow bigger and stronger and
soon, and we might have a recovery on our hands.
If its confirmed, the recovery
could last as long as two weeks as it’s rising from a low base.
The medium term
trending indicators have reached about the three quarters mark of its run lower
and it would not be a bad thing if it turned up from here.
The long term
directional indicators came so close to being confirmed but was scuttled by
news.
Had it confirmed, the softness would have pronounced and prolonged as
well and then offering some fresh ranges not seen since late July.
The
momentum/volatility indicators are having a good yawn right not and remains
totally unmoved and just holding to recent levels of activity.
This will likely
put a dampener and the market will not likely to be too keen, to run too far,
either direction.
Interim supports are at 1308, 1304 & 1297.50 with minor
supports at 1303.60, 1298.30 & 1294.
Interim resistances are at 1319.50, 1324 & 1329 with
minor resistances at 1316, 1335.50 & 1338.
The daily/weekly trend changer points are at 1350/1293.50.
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