In the daily charts, the short term directional indicators
are cutting lower today as gold is continually closing lower and so, the
indicators are motivated to go back to looking soft.
It has come off to the 35%
level and not much length to go before it contacts the oversold region.
Only if
the recent lows are compromised, otherwise, it might just careen off the
oversold region and push back a little higher.
The medium term trending
indicators are tapering off, but have not yet yielded to the attempts to push
gold lower and continue keeping itself more positively.
Possibly, a closing
below 1155 would do the trick and with follow through selling behind it, could
send gold back to the 1100’s.
The long term directional indicators are so close
to each other and only needs gold to push and close back above 1178 at the
minimum to cancel out the bearish tones.
Once that’s done, gold could retrace
back towards 1200 in the interim.
The momentum/volatility indicators are still
maintaining status quo, that is on the high side but, without the forces
building up with the only advance being, it could easily become more forceful
ad libitum and build up into something sizeable and purposeful.
There is just
but the tiniest of a shadow that the negative bias, gap, getting just a tad
narrower and still too early to confirm if more recovery is in order.
Interim supports are at 1153, 1146 & 1139 with minor
supports at 1161.50, 1156.30 & 1144.60.
Interim resistances are at 1167, 1178 & 1194 with minor resistances
at 1170.20, 1177.20 & 1183.50.
The daily/weekly trend changer points are at
1168.75/1296.65.
Note: The market maybe looking for a cheap way to change the
tone of the market and waiting for the daily trend changer point to come into
play and take less resources to trigger it off.
No comments:
Post a Comment