In the daily charts, the short term directional indicators have
turned down nicely and just around the 70% level now.
Gold is still resisting
the signals from this indicator by stubbornly refusing to follow too keenly but
at least it’s slightly lower.
With only this indicator being confirmed at the
moment, it is like trying to milk a cow in the dark that is not lactating with
the danger that it might turn out that a bull was being milked instead.
So hopefully
as days goes by, the other indicators will also cut and turn, and confirm a
change, so that we can get a good run out of this.
The medium term trending
indicators are off their trajectory and also the highs, are drawing nearer to
each other and almost cutting down and needs gold to close below the 1238 in
order to get it confirmed.
If this indicator gets confirmed, we could enjoy a
nice ride lower to at least 1180’s , but it must flow sure and quick or else it
loses it objective if it dallies anywhere for too long.
The long term
directional indicators’ upside bias is safe from a state of crisis for another
2 to 3 days.
If the bias is negated, then it might deliberate for at least a
week before a new direction is hammered out.
The momentum/volatility indicators
are receding again and do not give incentive to hold any positions for too long
as any initiative could be easily snuffed out or even splutter out on its own
accord.
The positive bias is getting slightly narrow but it is still deeply
positive and unlikely to be converted in these 2 days.
Interim supports are at 1246, 1235 & 1229.50 with the
minor supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1254, 1259 & 1263.50 with
minor resistances at 1251.70, 1268.30 & 1277.30.
No comments:
Post a Comment