Monday, October 10, 2016

Gold Trends (10 October 2016) - Updates of Mib Agenti

In the daily charts, the short term directional indicators are sparing no effort to pull up from below by sheer force during Friday’s closing. 

To that, it has some success in that, the kink has now become a nicely formed crook. 

If it manages to build on the early success, then it needs to quickly propel out of the oversold region and it will stand a good chance for testing higher, later in the week. 

The medium term trending indicators are also trying to get out of the tailspin and the tiniest of a kink, is barely noticeable until extreme magnification is applied, is starting to form. 

If recent lows are not tested in the next 2 days, then, a recovery of sorts will be in progress and that could see gold push back towards at least 1285 and maybe even 1300 if pent up demand and market chasers get in on the act. 

The long term directional indicators are freefalling and not in tandem with actual price movement and it will be at least a week before the bias can be negated and resynchronizes with the actual gold prices. 

The momentum/volatility indicators may have run its course for now until something reignites its passion and another dive will be in the making. 

These set of indicators have three legs but with only one leg warmed up and running well ahead of the other 2 legs, will only be a matter of time it stumbles and this is what looks likely to happen here. 

The bearish signal is retracting ever so slightly with the lessening negativity.

Interim supports are at 1253, 1248 & 1230 with minor supports at 1256.50, 1239.30 & 1228.

Interim resistances are at 1273.50, 1278 & 1286.50 with minor resistances at 1268.30, 1272.70 & 1278.30.


The daily/weekly trend changer points are at 1309.70/1372.25.

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