In the daily charts, the short term directional indicators have
somehow defying the weak closing from the previous session by remaining
pointing upwards and still in the overbought zone.
However, it could be easily
swayed if today’s closing is below 1278 and then it will look threateningly heavy.
The medium term trending indicators are attempting at cutting across and back
lower, if it is successful could see gold retrace back to at least 1250’s in
the near term.
Spanning a longer period, it could pull back as low as 1215.
The
long term directional indicators are still solidly poised upwards but the
channel has narrowed a fair bit.
If gold starts losing ground, free falling is a
little difficult and it will be pushing at the lower band with slow headway
made in normal market conditions.
However, if the market was frustrated at the
crucial 1300, stop selling and long liquidation plus fresh speculative shorts
could send it on a speedy path lower.
The momentum/volatility indicators are
pulling back by 3 notches today with a narrowing positive bias but nowhere near
flipping to the other side yet.
Interim supports are at 1264, 1256 & 1241.50 with minor
supports at 1270.60, 1260.60 & 1239.30.
Interim resistances are at 1293, 1297 & 1307.50 with
minor resistances at 1280.40, 1291.40 & 1305.90.
The daily/weekly trend changer points are at
1272.05/1213.80.
No comments:
Post a Comment