In the daily charts, the short term directional indicators are
pulled earthwards and almost reaching for the 40% mark soon.
At the rate it is
declining, we have a good chance that the indicator will at least push towards
the oversold region by the end of the week and if it manages to hold it just
there, then, we should see a good correction going into next week.
The medium
term trending indicators are pulling nearer the parity line but still at least
2 days away from coming near enough to test it.
The decline seems relentless at
the moment and it will be a little difficult to hold its own against these
indicators.
Usually, after challenging the parity line where we will see the
market try to put up a fight here and if its unsuccessful, could see it pushing
deep below the parity line and if gold follows suit, gold could try as low as
1180’s.
The long term directional indicators are freshly cutting back into the
channel and so, put an end to the recent rally.
Gold at the quickest will need
at least 10 days to work out the “sugar-rush” before the new direction emerges.
The momentum/volatility indicators are waning
and dropping back at least two notches and looking winded.
Only fresh news
bordering catastrophic, will again fill its sail and rush it along and anything
of lesser mettle, will only give it a brief tickle.
The positive bias managed to just hold from
further self-degradation and in fact today, climbing just a little over in the
positive territory.
Interim supports are at 1258.50, 1250 & 1243 with minor
supports at 1256.50, 1239.30 & 1228.
Interim resistances are at 1277, 1281.50 & 1291.50 with
minor resistances at 1268.30, 1273 & 1280.40.
The daily/weekly trend changer points are at
1294.85/1238.45.
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