In the daily charts, the short term directional indicators
are just touching the oversold region and almost ready to make a push into it.
If it attempts that, then at least make sure we get a good run out of it, not
the feely touchy feeble attempts that will inevitably, keep the market on edge
and choppy and be susceptible to flipping it back to the higher side.
If the
closing for the week is below 1210, then it sets itself up for more downside
forays next week.
The medium term trending indicators are left with the mouth
agape and getting wider, just as gold achieved new recent lows.
With that, we
have a chance to try the 1200’s for now and at least 1180 further out.
The
prerequisite being, gold must consistently keep to the lower end and not close too
far away from the lows for the next one week.
Looking at its current level, if
it suited, gold could continue to be weaker for at least another 2 more weeks.
The long term directional indicators are still generating a strong signal but
gold is caught tightly smack in the channel and seems to be having difficulty
breaking out of it.
So it can only move it down at a slower pace, skirting the
bottom of the channel, which is downwards sloping.
The momentum/volatility
indicators are finally entered into the hot zone, so let see gold move in giant
steps so that the indicator is not prematurely preempted.
The negative bias
started opening up again after lulling away yesterday and the peak is some time
away still.
Interim supports are at 1210.50, 1205.50 & 1168 with
minor supports at 1208.80, 1200.10 & 1190.60.
Interim resistances are at 1225.50, 1230 & 1241 with
minor resistances at 1221.70, 1231.40 & 1238.
The daily/weekly trend changer points are at 1249.75/1296.00.
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