In
the daily charts, the short term directional indicators are quickly declining
with one appendage pushing into the oversold zone and the other not too far away.
They have now come down to around the 23% and we may just get a chance to see
it go to a low number on this run as the march on seems relentless.
The medium
term trending indicators are looking very serious at this point and have dug
deep under the parity line.
If gold prices moves in tandem as the indicator,
then, gold will have another shot at the recent lows, nearer the low 1100’s.
However, that is just theory, and not taking other factors or indicators into
considerations.
The long term
directional indicators have finally today decided to break apart and confirming
the direction lower.
As this is newly minted, it is still a weak signal and
need a couple of days, to solidify and become a stronger signal.
The momentum/volatility
indicators are picking up but not as quickly as one would like it.
So that is
still a hindrance and holding gold back from it’s full potential and unleash the
floodgates from opening fully and we get a fantastic sell off from it.
Something we have not seen in a long time.
Building up nicely, the negative
bias is also widening and making it slightly more durable.
Interim
supports are at 1206, 1196 & 1181.50 with minor supports at 1208.80,
1200.10 & 1190.60.
Interim
resistances are at 1221, 1227 & 1236.50 with minor resistances at 1218.50,
1231.40 & 1238.
The
daily/weekly trend changer points are at 1253.85/1174.05.
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