In the daily charts, the short term directional indicators
are pressing just a tad lower from yesterday without big losses yet now that it’s
a confirmed signal, if it plays out right, we could see at least 1235 if it’s a
slow move and, 1215 if the move is a furious one.
The medium term trending
indicators are southwards bearing and painting a possible a killer move in the
offing, with gold being sunk back towards the 1200’s, over the next 3 weeks.
As
the indicators are freshly cut across with a steep gradient, could mean a
almost noiseless descent in the making.
The long term directional indicators
are levelling even more today and does look a little toppish but the gap from
the indicators to the channel is still too wide and hard to compromise.
It will
take considerable effort to utterly and completely destroy it, requiring that
gold trades and closes below 1255 for the week.
So the closing is crucial as,
even if it traded below 1255 but closed back above the 1265, then you could
have witnessed a false break and some might even identify it as a rising star.
The momentum/volatility indicators are remaining unchanged from yesterday and
at such low levels it is difficult to expect any foreseeable big movements.
So
if any big movement comes, it will be a result of external factors, not on its
own dynamics.
The positive bias staved off narrowing further and the gap is too
wide for the bias to be easily converted to look negative within the next
couple of days, but looking battered is another matter altogether.
Interim supports are at 1255.50, 1250.50 & 1241.50 and
minor supports at 1254.80, 1239.30 & 1228.
Interim resistances are at 1264, 1277.50 & 1286.50 and
minor resistances are at 1268.30, 1277.30 & 1280.40.
The daily/weekly trend changer points are at 1258.20/1283.85.
Note: The daily trend changer points would have been taken
out now, so this is lending some pressure on gold prices here on.
Mib will be travelling the whole of next week.
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