During the Asian and early London hours, gold continually
tried pushing towards the 1200 but the early selling evaporated as bargain
hunters kept snatching at it and eventually it recovered from the lows and
steadied itself.
In the daily charts, the short term directional indicators are
so near to the bottom and have in fact, confirmed cutting up.
In order for the
market to take advantage of this next week, could perhaps be, the missing
ingredient, a good closing for the week of at least 1215 or higher.
The medium
term trending indicators have only relented just a little and for the most of
it, still stacked more on seeing further action on the downside.
It needs gold
to close at least 1225 before any semblance of the market slowing down and have
a chance at some correction.
The long term directional indicators are continuing
to look good and only a move and close above 1240 will bring it under control
and a phase for some consolidation before the new direction emerges.
The
momentum/volatility indicators are pushing higher a couple of notches but still
not reach the red zone.
It needs to push up another 3 notches before it can be
really interesting, with a bigger move in its sleeve.
The negative bias
continues to build up for now and far from turning positive any time soon.
Interim supports are at 1199, 1191.50 & 1184 with minor supports
at 1202.60, 1190.60 & 1182.50.
Interim resistances are at 1217.50, 1221.50 & 1231.50
with minor resistances at 1218.50, 1221.70 & 1231.40.
The daily/weekly trend changer points are at 1304/1356.35.
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