In the daily charts, the short term directional indicators
have come off to around the 45% level now.
However gold did not follow closely
to the movement of this indicator and remains stubbornly, clinging on to the higher
side.
If gold stays on the higher side for another 2 to 3 days, it could
influence these indicators and coerce them to change paths by Wednesday or
Thursday.
The medium term trending indicators are pointing nicely lower and
cascading down to the zero line if the gold remains on the softer side, by the
end of the week.
The long term directional indicators have cut back into the
channel and this immediately stymies all zealousness and would keep the market
in check and new ranges unlikely to be found.
It may take the market around 2
weeks to work these out before a new direction emerges and so, more range bound
type trading is likely to be offered, at least for this week.
The
momentum/volatility indicators are all easing back a gear or two, and likely with
nothing really exciting to look forward in the immediate future.
The positive
bias is quickly closing the gap and could be pushed to being negative by
Wednesday if gold trades and closes below 1238.
Without any exciting news or
events developing, gold price could be easily fatigued and traders preferring
to keep away till there are something meaty going on and easier to pick up a
dollar or two.
Interim supports are at 1240.50, 1236.50 & 1232 with
minor supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1255.50, 1265 & 1289 with
minor resistances at 1251.70, 1268.30 & 1277.30.
The daily/weekly trend changer points are at
1236.15/1204.85.
The daily point is creeping higher, and quickly and could be
in danger of being probed by Wednesday, even if gold remains teetered at 1250.
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