In the daily charts, the short term directional indicators
missed out on confirming pushing back positively above the oversold region and
instead, fresh selling has appeared in the market and this ought to keep the indicators
continuing to give out negative vibes and remain pressured.
However, the
closing level is crucial as to where the market will likely head, going into
the Thanksgiving holidays.
A closing sub-1200 could mean the pressure will be
maintained and if above that, then the market will likely stabilize and recover.
The medium term trending indicators have cut up but have not yet started to widen
the gap between each other.
If it refuses to bend to the will of the current
pressures, that is, remains poised and cutting up for the higher, then gold
will likely spring back higher over the next 2 sessions.
The long term directional
indicators extended its shelf life with the nice move lower and prolonged its
demise by at least half a week.
A closing below 1200 would suggest that market
stubbornly refuses to stabilize and seeks to see new and fresh lows.
The
momentum/volatility indicators are driven 2 notches lower with faintly remains
buzzing.
Interim supports are at 1185, 1166 & 1155 with minor
supports at 1182.50, 1178.60 & 1168.70.
Interim resistances are at 1200, 1204 & 1217.50 with
minor resistances at 1196.70, 1207.50 & 1210.20.
The daily/weekly trend changer points are at
1276.75/1347.20.
No comments:
Post a Comment