In
the daily charts, the short term directional indicators have tumbled in Asia
session to the 30% mark today.
If it continues lower, we may come into contact
with the oversold zone by tomorrow.
The way it is looking now, gold may yet
push to 1215 and likely pushed into the oversold zone.
However, after getting
there, whether it is able to anchor itself to 1215 or ricochet back higher
depends on how forceful the sellers want to be.
The medium term trending indicators
are looking really beautifully drawn and still pushing it lower with one of the
indicators well past the parity line.
Now, we wait for the other one to push
through as well and possibly, gold would be at least 1210 by then.
The long
term directional indicators are feely touchy right now and refusing to
separate.
That is good news as the market is almost confirming that this
indicator could be confirming that gold may be heading lower, if it manages to
close below 1220 today and could lead to a test of at least 1200 next week.
Just be mindful that most of the other indicators are at very low levels so it
could still spring a couple of surprises if it suited.
The momentum/volatility
indicators are recovering a little but is insignificant and market will still
more likely to flitter around rather than having big moves planned.
The negative
bias grew a little deeper and is not opening wider as quickly as preferred. So
the market could engineer a turnaround as easily as it flipped over earlier.
Interim
supports are at 1218.50, 1207 & 1197 with minor supports at 1219.40,
1212.60 & 1205.50.
Interim
resistances are at 1229.50, 1235 & 1241.50 with minor resistances at
1231.40, 1238 & 1242.
The
daily/weekly trend changer points are at 1257.35/1174.05.
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