In the daily charts, the short term directional indicators have
turned down very nicely and pushing nearer the 70% mark now.
This should give selling
a boost as the move is at its densest point these couple of days but if no new
lows are seen, then, even if it does push lower, will be in a staggered manner.
The medium term trending indicators have only just confirmed cutting down and
it will be a matter of days before it will assaults the parity line.
If the parity
line is convincingly broken, then the recent lows will be reviewed very
shortly.
The long term directional indicators are bent double backwards and maybe
just a day away that it might give.
Once it goes back within the bands, could
see gold start to go back to nondescript activity with slow and sloth-like
movements.
The momentum/volatility indicators are many notches lower again
today and the fading positive bias, has all but totally evaporated.
Interim supports are at 1278.50, 1262.50 & 1253 with
minor supports at 1279.60, 1270.60 & 1267.20.
Interim resistances are at 1289, 1292.50 & 1310.50 with
minor resistances at 1291.40, 1305.90 & 1316.
The daily/weekly trend changer points are at
1277.70/1362.05.
Note: The daily trend changer point is in danger of being
compromised today, just a few ticks lower and it’s a done deal.
Mib will be away for the next 2 weeks and back only on the 21st
Nov.
Get Gold Trading Chat (Android), excerpts from there
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