In the daily charts, the short term directional indicators
finally have one of its arms pushing into the oversold region and the other
just an inch away.
With the way it is going, both arms could be pushing into
the region soon and maybe digging lower.
That is, if the market runs away which
could have us heading towards 1200 in a good run and around 1220 in a mild one.
The medium term trending indicators are really letting it loose now and the leading
indicator at the moment.
It does not seem to be waning and if it continues on
its charted path, it could be in for a much bigger move lower, probably
targeting at least 1180 at the minimum.
The long term directional indicators are now
firmly set and will be adding considerable downwards pressure and could set it
rolling downwards, keeping it softer for the next 2 weeks.
The
momentum/volatility indicators are trying to roar back into life but still 3
notches before the strong pulse of the move can be felt and the chief reason
that gold is taking its sweet time on this journey lower.
Hopefully the downwards play is still on before
it ends prematurely and set off an anticlimax mood.
The negative bias is
growing deeper today and more entrenched than the day before.
The bias will be
not so easily dismantled and disregarded even if the market turned and would
require at least 3 full sessions to negate it, if it were to happen.
Interim supports are far away at 1205.50, 1200 & 1190
with minor supports at 1224, 1218.40 & 1212.60.
Interim resistances are at 1232, 1236 & 1240.50 with
minor resistances at 1231.40, 1238 & 1242.
The daily/weekly trend changer points are at 1276.25/1295.45.
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