In the daily charts, the short term directional indicators
have managed to stave off further selling overnight and in fact, pulled its
socks just above the oversold region.
It might be another day before it is able
to solidify and if it does, gold will soon be coasting higher and maybe, this
round 1350 will be the glass ceiling and whether it gets broken hinges on any
news coming out during those crucial moments.
However, glass is easily
shattered as it is too fragile.
The medium term trending indicators are also
looking like its fending off further weakness and trying hard to hold it just
here.
It is early yet for these set of indicators to cross over and
confirmation generation may take at least 3 days at the quickest.
The long term
directional indicators are just gently rubbing against each other but not
crossing over and a maximum effort to turn each other on and maybe also over,
have gone down the tubes as failure to do so, makes it only a giant tease.
The momentum/volatility indicators are as
exciting as watching my goldfishes get frantic but not really going anywhere,
at meal times but attached with a slight negative bias.
Interim supports are at 1308.50, 1304.50 & 1300.80 with
minor supports at 1303.60, 1298.30 & 1294.
Interim resistances are at 1318.50, 1322 & 1329 with
minor resistances at 1316, 1335.50 & 1338.
The daily/weekly trend changer points are at
1348.20/1293.50.
No comments:
Post a Comment