In the daily charts, the short term directional indicators
came up short just as it coasted the overbought zone.
In fact, it has cut and
turned back lower now around the 73% level now.
So for now, gold will feel a
little weighty until it weathers this out.
If we are lucky, it might gold just dribbling
and holding around the 1250’s level and once it is clear, puts it in a nice
position to try higher after the horizon clears again.
The medium term trending
indicators are starting to look kinky with one of the arms having a distinct
crook in it.
Although it has not yet soured, it shows that weakness has crept
in and if it is not corrected early on, the trend will decay over time.
For
today, to be really pushing it, gold needs to be closing below 1240 and very
likely, the indicators would have cut lower by then.
The long term directional
indicators continue to look perky and positive at the moment and yesterday’s
move hardly weighed down on it at all.
However, staying too low is not good for
it and could coerce it into cutting back into the channel and cancelling the
newly confirmed, albeit not completely set in stone trend.
The
momentum/volatility indicators are took a dip in the last session and the early
interest is evaporating as quickly as it condensed.
The positive bias have
narrowed marginally and still some fight left and if the 1250 hold, we could
see a mini recovery towards the end of the week.
Interim supports are at 1246.50, 1238 & 1234 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1255.50, 1269.50 & 1289.50
with minor resistances are at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1231.35/1287.75.
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