An urgent matter/trip that could not be delayed had me away
for the past week.
It is nice to see that the market has remained near the lower
end of the recent range and hopefully we can make something out of it.
In the
daily charts, the short term directional indicators were very near to
protruding into the oversold region earlier in the day and with the gold prices
where they are now, it would have likely poked below already.
It does need the
closing to be below 1313 in order to confirm that possibly there could be a
play on the recent lows is in the making.
There is just one problem with this, and
that is like trying to race to ground floor from the first floor.
Before you
can say “go”, the race has already ended.
The medium term trending indicators had
earlier matched it’s prior high and not being able to pull above it, had turned
back lower and pierced the parity line.
On this run lower, possibly it might
just match the previous low and gold may test only up to 1302-1303 levels.
The
long term directional indicators are at least 2 days away from confirming cutting
for the lower but with all the other indicators at already such low levels, the
length of the slide could be limited even if it confirmed.
The
momentum/volatility indicators are scarily low despite the depressed markets
but with a bearish outlook. It needs to be cranked up at least 3 to 4 notches
and the market will really get going.
Interim supports are at 1310, 1305.50 & 1288 with minor
supports at 1303.60, 1301 & 1298.30.
Interim resistances are at 1322.50, 1325.50 & 1328 with
minor resistances at 1316, 1335.50 & 1338.
The daily/weekly trend changer points are at 1337.95/1303.
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