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.
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