In the daily charts, the short term directional indicators
have pushed deep into the oversold region and was caught somewhere between a
rock and a hard place and nothing more could be milked from the earlier
weakness of last week.
So these indicators look like it is trying to bottom out
and pulling back a bit higher and on the verge of cutting back up.
This will be
more significant if it pushes back above the oversold region and we possibly
have a recovery on our hands and could test up to 1265.
The medium term
trending indicators are starting to finally show a little resolve as it is
trying hard to pull back into itself but the task remains arduous for now as
the gap is rather wide so that could likely cause gold to continue to falter as
it attempts to regain higher ground for the week or so.
The long term
directional indicators continue to points downwards but looks like it might try
to level off and the bearish signals will be negated soon.
The
momentum/volatility indicators have cooled off by a few degrees after the past
few sessions of not having going near to the recent lows.
The negative bias is
just maintaining at current levels but just one leg is being gently lifted and
could again increase the bias but that does not necessarily mean the recent
lows will be reached.
Interim supports are at 1221, 1214 & 1201 with minor supports
at 1219.40, 1215 & 1208.80.
Interim resistances are at 1228, 1233 & 1240.50 with
minor resistances at 1231.40, 1238 & 1242.
The daily/weekly trend changer points are at
1312.10/1356.35.
Note: Mib will be back just 2 days and travelling the week after.
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