Wednesday, December 7, 2016

Gold Trends ( 7 December 2016) - Updates of Mib Agenti

I am just back for a week before zipping off again. 

In the daily charts, the short term directional indicators have recovered remarkably well but gold prices have not been in tandem. 

The indicators have now recovered to around the 35-40% mark and looks like it might hold there. 

This could mean a springing effect on gold prices later, failing which, if the indicators recover too high, that is around the 70% mark, could mean another round of bashing of gold with new lows being made. 

The medium term trending indicators are poised similarly and northwards bearing, pushing off from a low level still and well below the parity line. 

Should gold start running higher towards the year’s closing, i.e., Capricorn effect or even funds’ book closing, might see gold pushing and closing above at least 1200 for the year. 

The long term directional indicators are on their last frontier and almost on the verge of converging and cancelling the soft bias, which is slightly long drawn. 

In all likelihood, this will be achieved by the week’s ending. 

The momentum/volatility indicators are about 3 notches before the market turns hot and the negative bias is turning slightly more positive as the gap is narrowing a little.

Interim supports are at 1160.50, 1144 & 1139 with minor supports at 1168.70, 1161.50 & 1156.30.

Interim resistances are at 1178-.50, 1194 & 1199.50 with minor resistances at 1180.70, 1185 & 1191.


The daily/weekly trend changer points are at 1187.70/1315.85.

No comments: