In the daily charts, the short term directional indicators
have cut and turned down from the failed attempt to push it higher with gold
well off the highs.
Like it a not, a divergence have crept into the formation
with some pressure from the top now but usually, the force is not so powerful
in this indicator compared to the longer term indicators.
To set it going, will
need gold to be closing below 1248 today.
The medium term trending indicators
are gently easing off and not yet gone off the edge and turn into a drop.
There
is still good distance to the parity line and could give gold a good run lower if
it suited.
If this indicator is view in
abstract, could mean gold testing back to at the least, 1180’s.
However,
realistically, the market is controlled by more than just 1 indicator.
The long
term directional indicators are entangled with each other and will take a week just
to untangle and maybe another week before a new direction becomes apparent.
The
momentum/volatility indicators are just browbeating at the moment and do expect
a lot of feints and difficult to be trading the markets for the next two weeks.
The market will not get to where it wants to go in a clear smooth line and
often be trapped in a restrained range.
The positive bias retracted just by a
little as the market clears its head over what to do next.
Interim supports are at 1244, 1240 & 1234.50 with minor
supports at 1239.30, 1228 & 1218.40
Interim resistances are at 1259, 1271 & 1290 with minor resistances at 1268.30,
1277.30 & 291.40.
The daily/weekly trend changer points are at 1247.65/1214.
P.s. Mib Agenti will be away and back next week.
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