In the daily charts, the short term directional indicators
have been driven lower to around the 45% mark now with still left over inertia
to push it nearer to the oversold region which will happen probably at the
earliest, in 2 days’ time.
However, gold prices seem unaffected by the action
in these indicators and still haven’t managed to push and close below the 1260’s.
If gold managed to stave off the pull of this indicator to the lower side for
another 2 days, could set gold up for a mini recovery.
The medium term trending indicators at the
earliest, a day away from attempting the parity line and the steepness of the
drop is not waning yet.
There is some hope that gold might eventually try lower
but not before tangling with the parity line and probably face some friction as
that is tested to see if it can be broken.
The long term directional indicators
are now just in the middle of the channel where it must languish for some time
before the next direction emerges.
If market continues as it is, then, we might
see the next direction emerging as early as the beginning of next week.
The
momentum/volatility indicators are none too healthy at the moment to the point
that its distressed.
However, in its own way, this is a good thing in that, it
is easy to ramp up should the need arises.
The positive bias gap has closed up
further today and looks just like pursed lips ready for kissing.
All it needs
is for gold to close below 1253 today and its’ a done deal.
Interim supports are at 1259.50, 1254 & 1251 with minor
supports at 1256.50, 1239.30 & 1228.
Interim resistances are at 1270.50, 1275 & 12901.50 with
minor resistances at 1268.30, 1272.70 & 1280.40.
The daily/weekly trend changer points are at
1292.35/1215.45.
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