In the daily charts, the short term directional indicators
have been heavy leaden and looking downright weary and overdue for some
correction which is just not happening.
However, gold prices remain
uncooperative and have totally resisted the confirmed signals generated by
keeping to the higher side of recent ranges.
The medium term trending
indicators have peaked and also confirmed cutting down and bearing its full
weight but somehow there are crosswinds about and keep it higher when it should
lower.
Trading looks set to continue to be testy for another week or so.
Maybe
the mice will come out to play as China takes the week off, stomach in chest
out till they start their holidays before letting it out.
The long term
directional indicators are showing some signs of decay and the earliest
possible confirmation could be the week’s ending before the positive bias is
pre-empted.
The momentum/volatility indicators are certainly at levels where things
are supposed to start happening.
The positive
gap is also maintaining its hold at the moment, that is, it is becoming more
negative.
Interim supports are at 1203.50, 1196 & 1188 with minor
supports at 1212.60, 1208.80 & 1200.10.
Interim resistances are at 1219.50, 1221.50 & 1227 with
minor resistances at 1218.50, 1231.40 & 1238.
The daily/weekly trend changer points are at
1195.45/1124.25.
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