In the daily charts, the short term directional indicators
have risen back to the 40% mark now but we are not seeing a similar action in
gold.
This could potentially turn out to be a resynchronization process, as, in
their earlier run lower, there was little room left, to press it lower.
Now that
it has recovered some height and creating the necessary space, makes the job of
pushing to 1200 or maybe even breaking it, so much more the easier.
You are
going to be more successful chopping a board swinging down above your head
compared to chopping down on it, a mere few inches away from the board.
The
medium term trending indicators are continuing higher as well in a V-shape
recovery and at a steep angle, if it continues thus, could mean the testing of
at least 1240 before hitting the parity line.
The long term directional
indicators have levelled off and in fact trying to arch back higher and try to
bring into collision, the directional line against the channel and hopefully to
engulf it, extinguishing the weakness in a puff as it recalibrates, usually
taking a week or two before the new direction emerges.
The momentum/volatility
indicators are trying to stabilize the declining impetus and holding steady for
now.
Being near to the hot zone, it is easy to pump up the volume if it so
desired and turn on the after burners to full throttle.
The negative bias started
opening up wider, from yesterday’s session, ignoring the action seen in the
other indicators.
The gap is just too wide to be narrowed, and closed off in
just 2 days and would news of devastation level to achieve that.
Interim supports are at 1212, 1209.50 & 1206.50 with
minor supports at 1212.60, 1204.70 & 1200.10.
Interim resistances are at 1222.50, 1230 & 1240 with
minor resistances at 1231.40, 1240.70 & 1251.70.
The daily/weekly trend changer points are at 1235.00/1294.20.
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