The market has moved by too much and the screenshots taken
from Reuters charts sent to me were from hours ago so I am unable to give a
good reading out of that now.
I shall attempt the same but with free charts.
Being
free, it will just not be so comprehensive.
In the daily charts, the short term
directional indicators are almost touching the bottom of the ocean with this
nice deep run lower.
If it’s a prolonged move, the market may get little
hiccups along the way and yet continue testing new lows and bottom pickers can get
their fingers burnt.
The medium term trending indicators will likely have
pushed nearer the second most recent trough with gold at this level and if no
further selling comes into the market, it will be tough to push past it and may
see a mini recovery into the closing.
The long term directional indicators
(charts before market crashed – no equivalent in the free charts) looks just on
the lip of tipping over and being confirmed.
Now that it has crashed, the confirmation
is a done deal, provided it doesn’t pull back above 1300 at the closing.
The
momentum/volatility indicators are barely up a couple of notches and possibly
the melt down is from disappointed longs cashing out as it just seem to climb
too much, and after almost 6 months above 1300, is a sign of frustration.
The
bearish signal generated keeps growing stronger but the momentum is still benign.
Interim supports are at 1283, 1265.50 & 1258.50 with
minor supports at 1282.50, 1278 & 1270.60.
Interim resistances are at 1302, 1318 & 1320.50 with
minor resistances at 1294, 1298.30 & 1303.60.
The daily/weekly trend changer points are at 1336.65/1375.15
(The weekly point was previously at 1303 and successfully taken out).
p.s. quite notably market moved significantly as China is having its golden week.
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