In the daily charts, the short term directional indicators were
not able to carry it higher on such thin volumes much like running out of fuel
before the destination is reached.
A noticeable crook has formed but not cutting
across and bearing lower yet.
One can also say that the indicators have
recovered by more than 50% so that could be sufficient height for a drop, and
if its strong enough, may per chance, break and close below the 1239, should it
decide to run down from here.
The medium term trending indicators are slightly
slanting upwards and higher, at a gentle gradient.
The lower gold seen now, has
not moved this indicator any nearer to cutting back across and changing the
mood back to being negative.
It needs
gold to close nearer the 1230 before there is any chance that this indicator
can be overpowered.
The long term
directional indicators remain uninspiring at the moment and it could at least
another week before the new direction becomes obvious unless there are
motivating factors and major news, that could coax gold one way or the other.
The momentum/volatility indicators are merely drifting along and at such low
levels, all by itself, sustained moves either way will be doubly hard and a
speedy finger, being reactionary helps to maximize the range as the market
doesn’t allow time for any deliberation or it is passe.
The positive bias gap continues
to become narrower but likely, still a day away when it has the chance to
completely close and seal it, more probably will be turning negative after
that.
Interim supports are at 1239, 1233 & 1220.50 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1249, 1255.50 & 1286 with
minor resistances at 1251.70, 1268.30
& 1272.70.
The daily/weekly trend changer points are at 1257.95/1218.65.
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