Gold Trends (19 June 2017) - Updates of Mib Agenti

In the daily charts, the short term directional indicators are in the oversold region at the moment. 

However with gold refusing to close below the 1250’s at last week’s closing, has put on the brakes for the market running too far away today. 

Just as well, the indicators are at very low levels now and have almost scraped the bottom. 

If gold refuses to see fresh lows in the next 2 days, could see move into a mini-rebound, back to at least 1270’s. 

The medium term trending indicators are looking intact still and not looking fatigued yet and still bearing down for now. 

However, we are not seeing a similar move in the gold prices so gold price in relation to the indicator’s movement is retarded. 

So at best, gold possibly may only test to around 1215 on this run unless it starts picking up the pace of testing fresh lows and mimicking the indicator, only then, will we have a chance to test to 1200. 

The current bias is at a steep gradient and will likely, not be easily turned around, in the next 2 days and continue bearing lower. 

The long term directional indicators have freshly confirmed cutting downwards and look firmer then last week. 

This should put extra pressure on gold now that’s happened. 

At the moment, the psychological barrier at 1240 could deaden the blow in a slow moving market but hopefully, the market will just plough through it in order to refresh the ranges. 

The momentum/volatility indicators are dribbling lower today and since it’s at such a low level, hopefully it is easily excitable and interest catches back on when a bigger move comes. 

The positive bias gap have closed back to single digits and it would take much to tip it into the negative side, we just need gold to close nearer the low 1240’s and it’s a done deal.

Interim supports are at 1242, 1233 & 1221.50 with minor supports at 1239.30, 1228 & 1219.40.

Interim resistances are at 1260, 1264.50 & 1287 with minor resistances at 1251.70, 1268.30 & 1277.30.

The daily/weekly trend changer points are at 1277.85/1217.05.

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