In the daily charts, the short term directional indicators
are pressing just a little lower without an equivalent action in the price
action, around the 24% level and just shy of reaching the oversold region.
Seeing the gold keeping well above yesterday’s low just might one queasy,
especially in the New York session, no attempts to try to get there which could
result in some short covering, especially if it spears the 1230.
The medium
term trending indicators are leveling off now and it might be tempted to cut
across and back towards the higher end in about 2 days’ time if no new lows are
etched during the same period.
To empower
this indicator, would need gold to try at least 1215 and close below that in
order to prolong the current move.
The long term directional indicators are
still exuding a strong signal but gold has hit the bottom of the channel and
unable to break below it, means that it will, more than likely bounce back
higher off it and have a go at the top of channel.
However the gradient of the
channel has narrowed the range considerably so either way, movements will be
capped unless a major news or event in the market, catapults it out of the
channel.
The momentum/volatility indicators are just deliberating yesterday’s
move, just shy of the hot zone.
Without fresh lows, the indicators will only
recede and in fact, it has pulled back by a notch and failing here, puts to
waste the huge effort to bring it thus far.
The negative bias narrowed just a
little but the gap remains formidable and not easy be usurped any time soon.
Interim supports are at 1218, 1212 & 1208 with minor
supports at 1218.40, 1208.80 & 1200.10.
Interim resistances are at 1232.50, 1241 & 1247.50 with
minor resistances at 1231.40, 1238 & 1251.70.
The daily/weekly trend changer points are at 1251.85/1296.00.
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