In the daily charts, the short term directional indicators
have slid further today with one appendage already beneath the oversold zone
and overall, around the 22% level now.
So far, the push lower has been fast and
furious and whether or not it manages to break into the oversold zone and
thereby ignite into a frenzy of fresh selling, we have to wait and see.
The
medium term trending indicators are sitting on the parity line now with some
chance we might see some headway made below this line.
Some foreplay could be
anticipated before the thick of the action happens so the nervous shorts could
be feinted out even before the main action happens.
The long term directional
indicators are almost on the verge of eking out a new direction with the line
so near to the channel and good chance of cutting over and confirming it.
However, almost cutting
over and confirmed cutting over are 2 different things and late shorters have
to be mentally prepared in case they get whipped around or when it stays unconfirmed
for too long, then it might not happen after all and the opposite might happen.
The momentum/volatility indicators are picking up higher nicely, by around 4
notches but a major move will be difficult to engineer unless along with it
comes some kind of tension or earth shaking news.
The positive bias pulled back
slightly deeper in the previous session just as gold is still trying to find
its equilibrium.
However, it is not so difficult force it turning negative,
just a closing below 1250 should do the trick.
Interim supports are at 1250, 1235.50 & 1233.50 with
minor supports at 1254.80, 1239.30 & 1228.
Interim resistances are at 1259, 1266.50 & 1272.50 with
minor resistances at 1268.30, 1272.70 & 1278.30.
The daily/weekly trend changer points are at
1286.40/1215.45.
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