In the daily charts, the short term directional indicators
are at really low levels, almost reached the bottom, but what’s missing is
similar action happening in the gold price.
If we do not managed to trade and
close below the 1240’s by tomorrow, then the indicator could well be trying to
turn back up and at least push back above the oversold region.
The medium term
trending indicators are having their day in the sun and not a blemish of any
weakness seen since the run lower started.
It should continue to pressure gold
to continue to try lower and may permeate till at least the end of the month,
so long as gold does not trade back above the 1260’s and close there as then, a
turning would have taken place.
The long term directional indicators are looking
really powerful and masterful at the moment and looks set to add fuel to the
fire.
Gold could be thrust back lower nearer the 1210’s by the week’s end if
this takes over as the leading indicator.
Then next week, a play towards 1180 could
be targeted so the closing of the week sets up the play for next week.
The
momentum/volatility indicators are at super low levels right now but by the
same coin (on the reverse side), also make it easily maneuverable and build up new
interest, if desired.
The negative bias is freshly confirmed today but is still
jello and needs a day or two more to set it in concrete.
Once that’s done, it
will not be surprising if the gap widens steadily and mood pervades for at
least 2 to 3 weeks.
Interim supports are at 1237.50, 1232 & 1220.50 with
minor supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1247, 1254.50 & 1259 with
minor resistances at 1251.70, 1268.30 & 1277.30.
The daily/weekly trend changer points are at
1272.70/1217.05.
No comments:
Post a Comment