In the daily charts, the short term directional indicators
are pushing nearer towards the oversold region and lulling around the 30% mark
now.
Gold needs to close below the 1255 level in order to draw out fresh
selling, probably from long holders trying to get out with some profits better
than writing losses.
The medium term
trending indicators are developing nicely and with one of the appendages just pushing
on the parity line now and at least 2 days away from having both appendages
testing the parity line.
Having after testing the line, it may need to
deliberate for a few days before it is known if it had successfully breached the
line, like trying to break below the water surface.
Once the breach is
confirmed, gold could have a nice ride lower to at least 1240 in the very near
term and low 1200's further out.
The long term directional indicators are moving slightly faster than
usual and the new directional maybe confirmed as early as next Monday if gold
continues pushing and closing lower as it is very near to cutting and crossing
over.
However, often the indicators have been put in such compromising position
without being compromised and took much longer to confirm than desired.
The
momentum/volatility indicators are pulled earthwards like a rock is tied to it
as more players seem to be bailing out.
The positive bias is nullified if gold
closes near the low 1260's and we are waiting to see if the negative gap starts widening
now.
Interim supports are at 1257, 1249.50 & 1244 with minor
supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1272, 1276.50 & 1291 with
minor resistances at 1268.30, 1272.70 & 1278.30.
The daily/weekly trend changer points are at
1291.50/1238.45.
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