In the daily charts, the short term directional indicators
are trying very hard to at least touch the oversold zone but needs gold to test
below the 1250 and close below that in order to confirm intrusion and hopefully
we get some yardage out of the confirmation with a drop to at least 1230’s.
The
medium term trending indicators continue gaining traction below the parity line
by pushing lower still.
However, the tiniest of levelling off is almost
unnoticed unless you peer at it under the magnifying glass.
The pressure on
gold is maintained and trying to hold back nearer the higher levels is doubly difficult
for now.
Even if gold does not do a slam dunk, it could continue to dribble
lower but slowly.
The long term directional indicators are still relatively
fresh from its confirmation of cutting lower and if this indicator takes
control over the trading for this week, could spell a good run down in gold.
The momentum/volatility indicators started gaining back some fresh interest
from the previous session and looking slightly more pert today but not yet at
excitable levels.
The negative bias opened up a little further but not yet deep
in the zone and could be easily overturned if it doesn’t tip more into the zone.
Interim supports are at 1245, 1238.50 & 1234 with minor
supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1257, 1262.50 & 1265.50 with
minor resistances at 1251.70, 1268.30 & 277.30.
The daily/weekly trend changer points are at
1281.70/1248.70.
Note : The weekly point will have been taken out now and
gold would likely move down by at least 2 shades - knee jerk reaction.
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