In the daily charts the short term directional indicators
are pulling deeper into the oversold region.
However, there is a leg still
hanging above the zone and refusing to be cowed into the zone just yet.
Overall, the indicators are around the 18% mark now and if gold need to inflict
bigger losses, now is the time as, if there were any cooling off period seen,
it could easily change its mind and go the other way and develop into a full recovery.
The medium term trending indicators are now below the parity line and having
just succeeded thus without any deliberation, suggest that perhaps we could continue
to find fresh lows for at least another 3 days and 1210 might be a ideal target.
The long term directional indicators are looking severely pressured and it has
now confirmed cutting lower but needs a day or two in order to solidify the
direction and some benefit gotten out of that.
The momentum/volatility indicators
are not looking healthy at the moment and could limit moves within its comfort
zone without a daring to venture out of it.
To negate this, requires gold to be
closing nearer the 1270 before it has a chance to be successful.
The positive
bias gaps are closing again today but at least a day away from cutting across
and turning negative.
Interim supports are at 1249.50, 1243.50 & 1235 with
minor supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1259, 1263 & 1269.50 with
minor resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1282.20/1215.45
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