Gold Trends (2 May 2017) - Updates of Mib Agenti

In the daily charts, the short term directional indicators are coasting pretty close to the oversold region now and could easily tip over and into the region. 

Usually when this happens, we will probably see some long liquidations which could spur prices just a little lower than expected. 

From here, 1250 looks like the level whether or not we tip over or rebound from here. 

The medium term trending indicators have finally pierced through the parity line and confirmed closing below it. 

It did not waste any time deliberating the parity line before showing a stronger hand. 

This could potentially set it up for gold to test to at least the 1220’s. 

The long term directional indicators have managed to cut and confirmed poised to be pressuring the gold to be trading lower soon. 

As the cutting is fresh and a nice formed one, it weighs more heavily and gold has greater propensity to move lower in such a scenario, so let us observe.  

The momentum/volatility are at such feeble levels that it can be trying for gold to move too vastly from current price ranges on its own dynamics. 

A bigger move can only be anticipated if there were some breaking news that could send the market topsy turvy. 

The negative bias from the earlier sessions remain stable but is neither growing bigger or smaller. 

Usually, the market will try to close back the gap and leave participants wondering what will be the next move.

Interim supports are at 1252, 1245 & 1238.50 with minor supports at 1239.30, 1228 & 1218.40.

Interim resistances are at 1258, 1264.50 & 1268.50 with minor resistances at 1268.30, 1272.70 & 1277.30.

The daily/weekly trend changer points are at 1285.10/1248.70.

Note : Both the trend changer points are so near that either can be triggered easily but the weekly point if triggered, will cast gold in a sickly pallor and it will be under pressure for a considerable period, maybe up to a couple of months at least.