Gold Trends (10 March 2017) - Updates of Mib Agenti

In the daily charts, the short term directional indicators had both feet in the oversold region with the lower leg, almost pressing on to the bottom. 

Seeing that gold has come back up from the lows, the market can only press so hard before realising its futileness and have some recovery. 

In the process, could be some resynchronisation happening and depending where is the close, will determine if indeed the lows are set. 

If it closes at least 1208 or higher, then, in the very short term, the lows are set and some retracements should be happening the earlier part of next week. 

The medium term trending indicators are beautifully drawn and the pace and steepness of the decline suggest that perhaps, sellers could still be in the drivers seat for at least another week. 

It is a pity that the gold price are not in tandem as, if it were, gold should have tested the 1180 earlier today and a target of around 1130 is possible. 

So in all likelihood, the best case scenario is, a low of around 1160’s being made of what’s left of these indicators. 

The long term directional indicators nicely formed and would need a triple hat trick in order to break out of current direction at the moment. 

What was hampering gold’s decline were, the indicator were rubbing the bottom of the channel all the way down, almost like riding a sled downhill but with the legs on the ground, slowing it all the way down. 

Not a smooth ride but at least we did go lower. 

You can only go so far before feeling the heat from the friction before deciding to call it quits. 

At the point when you do, the market will see some good recovery. 

However, to cancel the signal, will take almost 2 weeks to achieve. 

The momentum/volatility indicators pumped up a few notches and started looking livier today but not at a level which could shake the market. 

The negative bias is widening quickly too and this sets up the market to keeping negative for a longer duration.

Interim supports are at 1186.50, 1177.50 & 1162.50 with minor supports at 1200.10, 1190.60 & 1182.50.

Interim resistances are at 1216, 1223.50 & 1248 with minor resistances at 1207.50, 1218.50 & 1231.40.

The daily/weekly trend changer points are at 1243.05/1174.05.