In the daily charts, the short term directional indicators
fought a tough fight but ended up losing the battle for now, at today’s opening
in Asia.
The indicators were manhandled lower to around the 50% mark now and
once it’s set below the 50% level, we could see it pushing lower with at least
an attempt, attacking the oversold zone.
The medium term trending indicators are
bearing down more southerly today and the earlier leveling off has been cured
for now.
It has given back 50% of its recent push above the parity line and
now, zooming back towards it.
The long term directional indicators are just a
hair’s breadth from being confirmed going for some consolidation as it is
pushing back into the channel.
However, the confirmation will come only at
today’s New York closing if it were at 1275 and below.
The momentum/volatility indicators are picking
up just by a notch and not yet at excitable levels.
The positive bias narrowed
tremendously in today’s session and with a good chance of finally being able to
be converted.
However until that happens, gold is easily swayed and revived
back into pushing back higher and dialing deeper into the positive zone.
Interim supports are at 1258.50, 1250 & 1243 with minor
supports at 1267.20, 1260.60 & 1254.80.
Interim resistances are at 1278, 1283 & 1291.50 with
minor resistances at 1280.40, 1291.40 & 1305.90.
The daily/weekly trend changer points are at 1295.45/1238.45
with the daily being triggered in the morning.
Note : The play early in the Asian hours looked like a
deliberate play to trigger the daily trend changer point and this was successfully
done.
Early in the wee hours, maybe you do not need a lot of ammunition to do
that.
Maybe all that are required, are just about 1,000 to 1,500 lots to push it $20
to kill off some plump stops with the rest of the world are still sleeping at that
time.
No comments:
Post a Comment