In the daily charts, the short term directional indicators are
pulling back higher but still have yet to exit the oversold region.
If it
somehow turns from here and back lower, gold is in for another round down.
However
due to the already low level of this indicator, it might not get too heated up
and may not yield a good run lower and the previous low should underpin the
market under normal market conditions.
So it is a good idea to keep one’s eyes
peeled for anything otherworldly happening and be quick to react.
The medium
term trending indicators have now developed a lovely looking hook up and it
will really need a big price impact to dislodge that and straighten it out in
order to continue lower and that vaguely looks very distant now.
The long term
directional indicators is about a week away from neutralizing the current
weakness if no fresh attempts are made at the low end and gold stays above 1260
during this period.
The momentum/volatility indicators picked up 0.5% since the
day before and the other 2 lines are still trying to reach the overheated zone
with the farther away one still 50% away from its current level.
The negative
bias has also not become more positive, but remaining at yesterday’s level.
Interim supports are at 1249, 1246.50 & 1224.50 with
minor supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1259.50, 1272 & 1278.50 with
minor resistances at 1268.30, 1272.70 & 1280.40.
The daily/weekly trend changer points are at
1305.10/1372.25.
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