Due to some pressing matters, only a brief reading for today
is knocked up.
In the short term directional indicators is still crumbling
lower and come to almost the 50% mark now and it just might try to hold here
and if successful, gold might then have a mini recovery on the back of that.
The
medium term trending indicators are still favouring further downside forays,
having corrected only around 40% from the highs and the gradient of the drop is
too steep to fend off effectively.
So even if there were attempts to stabilize it
here, the effects of which can only be seen at least 2 days later.
The long
term directional indicators are holding steady just here, in case the market
needs to run either way, it is then easy to tip it over into the hot zone.
The
positive bias is getting narrower as the gap narrows further today but not in
danger of being cancelled just yet.
If is not unforeseeable if a dalliance
occurs before resuming it push higher, later on, but only in time, then we can
tell.
Interim supports are at 1229.50, 1224.50 & 1214 with
minor supports at 1218.40, 1212.60 & 1204.70.
Interim resistances are at 1237, 1245.50 & 1258.50 with
minor resistances at 1238, 1242 & 1251.70.
The daily/weekly trend changer points are at
1210.25/1142.75.
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