In the daily charts, the short term directional indicators
are cutting down from near the top with the leading indicator trying to anchor
itself beneath the overbought zone and if it’s successful, then, it will bring
the other indicator under as well.
With a cursory view of all the other
indicators, these indicators if by itself, could bring gold for a nice ride
lower targeting at least 1220’s for now.
The medium term trending indicators
are at the most, 2 days away from cutting across and heading lower after that.
However, gold is not immune to adverse news or
events that have a major impact and could easily be coerced to push back higher
if such events happen.
The long term directional indicators are levelling off
at a slight quicker pace and the distance between the indicator and the channel
is narrowing but no danger of it clashing before the week is out.
All gold
needs to do is hold the 1240’s for the next few days and surviving that, gold
could be pushing nearer the recent highs next week.
The momentum/volatility indicators
are nose diving at a steep angle and hard to drive the market too far in any
particular direction at the moment.
The positive bias is also narrowing
somewhat urgently but the prospect of turning negative is unlikely within the
next 2 days.
Gold needs to clear and close above the 1260’s by 1 August or a
natural forming barrier, to analogise, a ceiling if you may, will be overhead,
making it difficult to crash through that, for at least a month after that.
Interim supports are at 1243.50, 1235 & 1228 and minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1249, 1260 & 1289 and minor
resistances are at 1251.70, 1268.30 & 1277.30.
The daily/weekly trend changer points are at 1227.10/1287.15.
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