In the daily charts, the short term directional indicators looks
like it is trying to put on the brakes and have reached the 28% mark now.
It is
early yet and whether or not it is successful to stop the market suffering
further softness, is not yet discernible.
It will be at least another day that
it can become more prominent and even if it were so, the confirmation will
probably come at the week’s ending, if at all.
The medium term trending
indicators have almost reached the parity line now and lost 80% from the peak.
The question now is not whether it will attempt the parity line but, whether or
not the market has sufficient oomph to push and close below the parity line, and
that will set it up for a renewed and invigorated attack at the lows, with 1180's the target for now.
The long term directional
indicators are just in the middle of the channel today, and slightly ahead in
its schedule for a new direction to emerge.
Moving thus, a new direction could
be birthed as early as the middle of next week.
The momentum/volatility
indicators are flaccid and totally unmotivated at the moment as it drops
another 3 notches today.
The positive bias have eased tremendously and
this is the smallest gap seen for the past 40 days and the closest chance of tipping
it over to the negative territory by Friday, if gold continue to lose more
ground.
Interim supports are at 1262, 1257.50 & 1249.50 with
minor supports at 1260.60, 1254.80 & 1239.80.
Interim resistances are at 1273.50, 1278.50 & 1291 with
minor resistances at 1268.30, 1272.70 & 1280.40.
The daily/weekly trend changer points are at
1293.50/1238.45.
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