In the daily charts, the short term directional indicators
are heading back lower around the 40% mark after a brief but necessary stint as
it resynchronized itself before pushing lower.
If it didn’t do that, then the
run lower could have possibly be over and there is no bigger picture.
The
medium term trending indicators are now cutting lower as well but it must move
decisively lower as every delay is going to give it a good reason to make a
turning back towards a recovery.
If it only challenged the previous bottom then
maybe we will only get a low of around 1220.
If a strong hand is seen, then,
1180 could even be targeted but the 1200’s remain a strong psychological barrier
for now.
The long term directional indicators are meshed up together without a clear
winner with the price banging on the bottom of the channel, but having a hint
of some chances for more lows to be tested.
A good thing that it finally broke down
below 1239, or else, we could see gold bouncing off this and testing the top of
the channel the next day and a closing above 1240’s voids today’s move.
The
momentum/volatility indicators are going up by quite a few notches but not good
enough to shove the market too strongly unless market thins so considerably that
is like dropping a gold bar on tissue paper suspended in the air, hoping to
catch it there.
Only then, it will be easy to thrash the market because of zero
opponents in the way to keep it from going where it wanted to go.
The negative
bias has started widening so it has become firmer the past few days and this
should keep gold, continue keeping its head lowered.
Interim supports are at 1223, 1213.50 & 1208 with minor
supports at 1219.40, 1212.60 & 1205.50.
Interim resistances are at 1235, 1244.50 & 1253.50 with
minor resistances at 1231.40, 1238 & 1251.70.
The daily/weekly trend changer points are at
1257.10/1220.15.
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