In the daily charts, the short term directional indicators
showing a little rigidity today and having the slightest sign of a kink in the
making.
However, a kink does not confirm that the direction has changed.
Just some
retardation to the direction but if the friction is too great, then, there is a
possibility of the direction change happening.
So able to close above 1250 this
day is crucial to have some chance of being nearer to a direction change and
the further from 1250, the better the chances.
The medium term trending
indicators are really low and looking like it’s pushing on the cement floor.
A
huge force now is required to pummel it through and send gold further down with
renewed vengeance.
The long term directional indicators are coming off nicely
and nothing to show for the wear yet.
The angle of the drop being so steep, is
like trying to rein up a horse with dental floss.
So for technically wise, there
is no issue for gold to continue pushing lower but of course, all other
indicators have to be taken into context.
The momentum/volatility indicators at first
instance, continue to looks frantic.
Sadly, another two of its arms are still
not yet in the hot zone and this could work against the gold from going into a
run-away dive.
The bearish signal is
starting to narrow a little and could be a prelude that maybe, the lows might
be seen for now.
Interim supports are at 1247, 1235 & 1204.50 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1260, 1271 & 1282.50 with minor
resistances at 1268.30, 1272.70 & 1280.40.
The daily/weekly trend changer points are at
1319.05/1374.90.
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