In the daily charts, the short term directional indicators are
already at very low levels and some sense of the earlier mentioned “hiccupping”
is seen as it laboriously works its way lower and could well continue for a
little longer.
Having said that, there is the smallest indication that of what
might be a turning in the making, or an attempt of trying to turn back up right
now but ground must not be lost below 1250.
The medium term trending indicators
have now pushed past the third most recent trough by a tad and usually this
means we could be going for a bigger run and in a trending market.
So hopefully the market does not stabilize soon
and continue to make new lows daily because once new lows are not made, it will
start looking overdone and in danger of whipping back higher, and very quickly
too.
The long term directional indicators are moving along very nicely and gold
could be in a longer phase of weakness.
It will take at least 4 weeks to
nullify the effects of the recent move in normal market conditions.
However, if
gold somehow pulls back above 1320, then it’s nullified.
The
momentum/volatility indicators are getting hotter with slight signs the move
decaying as only one of the tentacles is in the hot zone while the other two
are only on the verge of going into the hot zone.
For some reason, they don’t
seem to be turned on easily. In a sense, that is holding back gold’s potential
for quickly seeking more success thrashing the supports along the way.
Interim supports are at 1249.50, 1240 & 1205.50 with
minor supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1277.50, 1282.50 & 1292.50
with minor resistances at 1268.30, 1272.70 & 1277.30.
The daily/weekly trend changer points are at
1326.80/1374.90.
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