In the daily charts, the short term directional indicators
have turned lower now as gold didn’t manage to keep nearer to the higher end of
the recent ranges and over a period of time, that weighed down on itself.
The
medium term trending indicators are tapering off just as it nears the parity
line and does not look like the parity line will be challenged on this run.
Failing which, could send gold back to 1250’s levels.
The long term directional
indicators are just on the verge of confirming a cutting up from below but with
gold at its current levels, will be more difficult to see that happening now.
This is termed near misses or signal failure.
It has just one more day before
it will likely be written off, so we just hope, it makes something of these
nice looking indicators and break out of the current stifling ranges.
The
momentum/volatility indicators continue to dwindle lower but are getting less
negative by the day.
It could be some undercurrents in the market swaying it
just beneath the surface so time will tell.
Interim supports are at 1265.50, 1256 & 1249.50 with
minor supports at 1260.60, 1256.50 & 1239.30.
Interim resistances are at 1275, 1282.50 & 1295.50 with
minor resistances at 1272.70, 1277.30 & 1280.40.
The daily/weekly trend changer points are at
1249.15/1367.05.
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