In the daily charts, the short term directional indicators
are kissing now and trying to make a turning here as gold did not have a fresh
low yesterday and also did not stay nearer to the lows which would have at
least kept it looking weak.
However, it has not yet cut back above so it is not
a confirmed cutting back to the higher side just yet.
Gold needs to close
nearer the 1250 to trigger cutting back higher and likely trade with hints of
trying to pare losses for the rest of the week.
The medium term trending
indicators retracted a little with a faint kink right at the tip so 1240’s is
doing a good job trying to stem the flow of gold losing more ground.
However,
the steepness of the indicators makes it doubly difficult but if it somehow
managed to do it, could mean that the lows are seen for now. So gold needs to
close above the 1240 for the rest of the week and we might have a chance of
this indicator being turned by next week and higher closing will help it a lot.
The long term directional indicators are seeing a very slight levelling off at
the bottom of the channel but overall, gold has only ridden 50% of this wave so
far with the potential of this wave being completed getting dimmer each day no
new lows are made.
The momentum/volatility indicators improved by 2 notches
from yesterday but the not yet reach levels where it will attract fresh
players.
The negative bias looks like it is stalling with only the slightest of
gain from the previous day.
Interim supports are at 1237, 1232.50 & 1221 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1248, 1255 & 1273 with minor
resistances at 1251.70, 1268.30 & 1277.30.
The daily/weekly trend changer points are at 1266.60/1217.05.
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