In the daily charts, the short term directional indicators
did not succumb to the weighty drop in gold prices from yesterday, one of the
prongs is holding steadily and back above the oversold region while the other
is still trying to bring it above the line.
So it seems the line defining
whether or not it is oversold, is acting like a barrier for gold to push
higher.
If gold continues to dwell nearer to the recent lows, below 1190’s,
then, despite the technical at such low levels, might cause gold to have a
prolonged session of running lower.
The medium term trending indicators were derailed
and became unconfirmed again with a possibility of further dips lower, if it
suited.
The biggest worry is, it is so deep in, it will be tough to push too
much lower, maybe 1160 before the indicator matches the same depth as the
previous round down.
The long term directional indicators are becoming more
alive again as prices touched lower and relief is given that the direction is
not in danger of being over just yet, or at least, even if it doesn’t push
lower, it might be staying nearer to the lower end of the recent ranges.
The
momentum/volatility indicators pitched higher a couple of notches and pushing
slightly deeper to the negative end.
Interim supports are at 1184, 1175 & 1161 with minor
supports at 1182.50, 1178.60 & 1168.70.
Interim resistances are at 1197, 1202 & 1210 with minor
resistances at 1189.60, 1196.70 & 1207.50.
The daily/weekly trend changer points are at
1265.30/1347.20.
1 comment:
Bullion Exchanges is a trusted Precious Metals Seller located in New York City's Diamond District.
They have a massive inventory of items including, precious metals that range from the gold and silver to platinum & palladium.
They are offering a wide range of products appealing to first time shoppers and the established collectors.
Post a Comment