In the daily charts, the short term directional indicators resisted
as best as it could but it is hard to stand in the middle of the river and not
be moved against the torrent.
So they have now cut across and bearing lower,
adding fresh pressure on gold in its’ own way but there is no guarantee that
gold will definitely be crushed as it has been holding its own and closing
above 1240 for the past week.
The medium term trending indicators have stopped
climbing higher now and levelled off but no sign of it trying to cut across and
back lower to the nether regions.
This alone is not sufficient incentive to egg
gold lower and needs some major news or event in order to fuel a bigger and
sustainable move.
A closing below 1239 will skewer the outlook, favouring a
little more downside play next week and none too soon as the current range is
totally exhausted.
The long term directional indicators are not improving at
all and could set itself up for some shut-eye right now and range play will likely
rule for at least 1 more month before any the next direction becomes apparent.
The momentum/volatility indicators are looking so gloomy right now and likely
to be another gutter ball day, no strikes in sight.
Somehow, overnight, the
negative bias has come into being again and opening wider nicely so stick to
range play but a good idea to set sights slightly lower.
Interim supports are at 1239, 1232 & 1220 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1248, 1255 & 1285.50 with
minor resistances at 1251.70, 1268.30 & 1277.30.
The daily/weekly trend changer points are at 1257.50/1218.65.
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