It will just be a short review today. In the daily charts
the short term directional indicators have cut and both have gone below the
overbought zone, bearing downwards.
For now, gold will be suffering the pull of
this indicator and trying to get higher will be doubly difficult.
The only
thing is, how much can we get out of this ride on the lower side.
For now, optimistically
we may get a low of around 1225 but that is if the other indicators also come
into play.
The medium term trending indicators are feeling heavy at the top now
and started leveling off.
If it goes according to the norm, it could take 2 to
3 days before it gets a chance to cut and cross over with lower numbers to look
forward to.
The long term directional indicators are starting to look a little
coerced at the moment.
The gradient is getting gentler and it is careening on
the bottom rung at the moment but to cancel out the signal in this indicator
will need gold to close below 1240’s.
The momentum/volatility indicators
continue to remain uninspired and the positive bias is getting narrower today
but likely not in danger of being overrun, at least for this week.
Interim supports are at 1245, 1236 & 1230 with minor
supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1261, 1264.50 & 1289.50 with
minor resistances at 1268.30, 1272.70 & 1278.30.
They daily/weekly trend changer points are at
1224.50/1196.80.
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