In the daily charts, the short term directional indicators
have hooked backed below the overbought region but it has not crossed each
other out yet and so the change in direction remains unconfirmed for now.
All gold
needs to do is to continue tending away from the recent highs, holding around
the 1330 levels, the indicators will have confirmed by then in a couple of days.
The medium term trending indicators are also in trouble today as they are also
gravitating and lulled lower, removing early on some of the urgency seen in the
push up previously.
That being said, there is a soft touch but the indicators
have not been compromised as yet and could be a play in the making, that is,
bring it towards the parity line to shake off the weak longs.
So we should be
extra careful when the parity comes into play and correspond with the other
indicators at that point of time.
The long term directional indicators have
been a futile move in the push higher as the market is not able to convert
that.
It would have helped if gold had managed to continue holding near the
highs and daily closing above 1360 and the signals would have been confirmed.
The momentum/volatility indicators are looking more depressing as the days goes
on as nothing seems to excite gold anymore.
However, that should be us on
double alert as, when it’s too quiet, something will likely be brewing in the
undercurrents.
Interim supports are at 1333.50, 1328 & 1315.50 with
minor supports at 1327.80, 1315.50 & 1303.60.
Interim resistances are at 1352, 1356.50 & 1368 with
minor resistances at 1338, 1352 & 1380.80.
The daily/weekly trend changer points are at
1306.80/1282.80.
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