In the daily charts, the short term directional indicators have
overrun the 50% and are now languishing at the 40% mark.
If gold will have it’s
way, we could at least be touching the top of the oversold region by the end of
the week.
Gold will have likely follow suit and could test as the lows 1200’s.
The
medium term trending indicators are being drawn really nicely and it has come
off by 50% from the peaks and the parity line could be challenged nearer next
week’s ending.
That is, if it continues to make its way lower.
The long term
directional indicators have finally managed to push, cut and confirm that for
now, the positive bias is finally over for the moment.
The bad news is, we
could enter into a consolidation phase spanning at least 2 weeks if it became
complacent.
The momentum/volatility indicators have finally started falling
down to earth again by more than 2 notches.
The positive bias is getting a lot
narrower too but the gap is still too wide to be closed within a day.
Interim supports are at 1218, 1208 & 1197.50 with minor
supports at 1218.40, 1212.60 & 1204.70.
Interim resistances are at 1230, 1243 & 1259.50 with
minor resistances at 1231.40, 1238 & 1240.70.
The daily/weekly trend changer points are at
1213.70/1142.75.
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