In the daily charts, the short term directional indicators
are unable to withstand holding in the overbought zone and just managed to cut
down lower and under the zone now.
Now that’s done, the market is due for some
retracements soon and the only thing able to turn/save the situation, will
be a strong gust of news or geopolitical
tension and if none arises, then gold has seen the highs and a dip is imminent.
The medium term trending indicators was created by a steep climb up and having
just confirmed cutting across and back lower.
Once it works out its kinks, we
could see a steep descent as well, making a symmetrical and mirror image of the
ascent which could send gold to at least, the low 1200’s.
In the long term
directional indicators, we are finally able to see some slight levelling off
and the gap between the indicator to the channel, has become smaller.
By and
large, the current direction is very much intact, and probably be negated once
gold starts closing below the 1260’s and lower, in order to cancel the
direction in the next 5 days.
Failing to do so will mean that gold had managed
to stabilised above te 1260’s and once sufficient time has passed and the
indicators all recalibrated, could swing back higher again.
The
momentum/volatility indicators are starting to be wishy washy again as it lost
at least 7 notches lower, having no true desire to push it out of the comfort
zone any time soon, to continue testing the highs.
The positive bias’s gap is
much closer today but it doesn’t look like it can be pushed a 180 degrees yet,
and safe for the week.
Gold is pitted to slide further and deeper next week so
the earliest it can be tipped over the other side, is then.
Interim supports are at 1262, 1253.50 & 1249 and minor
supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1275, 1284 & 1290.50 and
minor resistances are at 1268.30, 1277.30 & 1280.40.
The daily/weekly trend changer points are at 1257.95/1283.85.
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