In the daily charts, the short term directional indicators
have successfully made a turning up, coming back higher from the 40% mark.
However, it required gold to maintain above
1208 at the least in order to keep it sane.
If gold closes below that, could
see gold incoherent and veering towards some sideway action.
The medium term
trending indicators have pulled up really nice and cutting back higher from the
bottom.
However, this is freshly made
and still jello and not yet set and market may or may not take some time to set
and solidify.
The long term directional indicators have now gone right smack in
the middle of the neutral zone.
This is not a good sign as it can wallow in
there for quite some time and if memory serves, we had quite a long stint,
almost 6 months, of it wallowing in the middle last year.
The
momentum/volatility indicators have gone a couple of notches lower again as it
is tripping over itself whether to get going or to retreat.
We are fortunate in
that the positive bias is just holding itself nicely and not moving either left
or right by too much.
Interim supports are at 1202.50, 1195.50 & 1192 with
minor supports at 1200.10, 1190.60 & 1182.50.
Interim resistances are at 1214, 1222.50 & 1231 with
minor resistances at 1218.50, 1221.70 & 1231.40.
The daily/weekly trend changer points are at
1181.30/1128.05.
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