In the daily charts, the short term directional indicators
have come off further today and languishing around the 65% level now.
Finally,
all that pressure exerted had some bearing on gold which have pushed below 1210
now.
If this indicator continues to take the lead, gold could continue lower
till the middle of next week with the target zone at 1165.
The medium term
trending indicators are bearing down beautifully and dropping off from a great
height.
It is a long way off from the parity line and will be fun to watch it
cascade like a waterfall.
The long term directional indicators’ gap has closed
considerably and almost at the point of cutting across and negating the
positive stance.
With that, it could send gold into teetered to a range for
probably a couple of weeks.
Just when it almost hit the tarmac rolling, the
momentum/volatility indicators are receding quickly and the positive bias is
getting less but still a far way of from being neutralized.
Interim supports are at 1194.50, 1189.50 & 1170.50 with
minor supports at 1190.60, 1182.50 & 1178.60.
Interim resistances are at 1205, 1207 & 1219.50 with
minor resistances at 1207.50, 1210.20 & 1218.50.
The weekly trend changer point is at 1124.25 and the daily trend changer point was at 1196.90 before it was just triggered.
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