In the daily charts, the short term directional indicators
are very near to the bottom now and pushing any lower will be a struggle.
Think
of it like fishing, you need to pull and relax, pull and relax before finally being
able to reel it in, definitely not straight forward.
However, if gold holds
recent lows for at least 2 days, there is a small chance of a retracement in
the offing.
The medium term trending indicators are now challenging the third
most recent lowest trough (seems the second most recent trough were totally
thrashed yesterday).
Gold has about another 2 to 3 days’ worth of time left to
mirror that and failure to push below that might see some congestion and a
correction later on.
Whether we succeed doing so will largely be clear by next
Wednesday.
The long term directional indicators have confirmed crossing over to
being bearish but gold prices have already come off so much. It might be a case
of it’s over before you even started, but let’s hope it is not.
The momentum/volatility
indicators have finally pumped up to a level it can be exciting if it wishes to
do so.
So let’s hope it really gets very interesting from hereon and the
bearish signal is getting deeper.
Interim supports are at 1265, 1257 & 1250.50 with interim
supports at 1267.20, 1260.60 & 1254.80.
Interim resistances are at 1276, 1282 & 1301.50 with
interim resistances at 1272.70, 1277.30 & 1280.40.
The daily/weekly trend changer points are at
1332.45/1374.90.
Get Gold Trading Chat (Android), excerpts from there
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