In the daily charts, the short term directional indicators
are now firmly turned down and the indicators could be weighing down on gold
prices till at least the middle of next week.
If these indicators take the
lead, could mean gold could be testing to at least 1250 soon.
The medium term
trending indicators have stopped accelerating higher now and a turning is being
engineered right now but a confirmation is at least 2 days away.
The long term
directional indicators have missed its chances to confirm a cut up from below
as gold did not teeter itself nearer the recent highs nor push it.
So the gap is widening now and gold could be
in for more range bound trading in the following week.
The momentum/volatility
indicators are have lost all perspective and gone into just humming along for
now and gold is unlikely to move out of its recent ranges, albeit still with a
tinge of negative sensation.
Interim supports are at 1266.50, 1260.80 & 1249 with
minor supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1273, 1282.30 & 1294.90 with
minor resistances at 1277.30, 1280.40 & 1291.40.
The daily/weekly trend changer points are at 1250.80/1367.05.
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