In the daily charts, the short term directional indicators
have cut from above, back below the overbought zone and bearing down right now.
It has now reached the 65% mark and plenty of exploratory room left, should it
decide if it wanted to test lower.
If it did, it could come to rest around the
1260’s level and the move could be spent and maybe recover from there.
The
medium term trending indicators are looking scarily going into a steep drop and
if that happened in quick succession, without any dalliance around the 1250’s
or 1260’s, could see gold pushing nearer the 1230’s by the middle of next week.
The long term directional indicators are losing some inertia and if gold closed
around the 1260’s today, could see the current upward trend being curtailed and
maybe even subverted and go into a consolidation phase of around 2 weeks before
it can set a new direction.
The momentum/volatility indicators had quickly
faded by a quarter over the past 2 days but can be easily re-ignited if fresh
impetus comes into the markets.
The positive bias’s gap reduced substantially
overnight but a lot more is required to conquer the current bias.
To cull it,
would need gold to be at least nearer the 1200’s level.
Interim supports are at 1278.50, 1259.50 & 1248 with
minor supports at 1278, 1270.60 & 1260.60.
Interim resistances are at 1292.50, 1295 & 1300 with
minor resistances at 1291.40, 1305.90 & 1309.90.
The daily/weekly trend changer points are at 1262.55/1225.95.
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