I was celebrating Memorial Day yesterday but thinking back,
market was really dull, so I thought I would just take a break.
In the daily
charts the short term directional indicators are retreating but with the
direction still intact.
Just a little stunted without any levelling off seen so
far.
So depending on what the traders decide to do after coming back from the
holidays, either direction is fair play, depending who is holding a bigger
book.
The medium term trending indicators on the other hand, are levelling off a
little right at the top.
If more levelling off happens in the next 2 days,
then, it is difficult to challenge the previous peak to try to surpass it and
will in fact, be more likely to start bearing down in a stronger manner.
The long term directional indicators continue
to maintain its composure.
However, due to the narrowness of the channel with
the top being 1277, that will likely be able to cap the market there for today.
The momentum/volatility indicators lost its gains from last week and came off
by at least 2 notches.
The gold market is a lot like the story of the frog
trying to jump out of the well by jumping 5 steps and falling back 3 steps in
the evening, thoroughly frustrating.
The positive bias is also getting slightly
narrower as the gap is closing up slightly since last week, but still having a
considerable depth so it will not fade so easily.
Interim supports are at 1259, 1255 & 1247 with minor
supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1271.50, 1291 & 1298.50 with
minor resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at
1242.75/1284.75.
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