In the daily charts, the short term directional indicators
are sliding down furiously due to there being little rumblings recently and
around the 73% level now.
As it is coming off steeply, gold may have difficulty
staving off further loses as it tries to find some support along the way down,
hoping to hold it steady and try to turn it back to the higher side thereafter.
The medium term trending indicators are looking even more set to ensure that it
does go lower and some chance we could test the parity line by the week’s end, translating
to the 1300’s being tested.
That is, if the market is run on just one indicator
but that is not the case so all other indicators must also be taken into
considerations.
The long term directional indicators are a lot nearer to the
bottom rung of the channel as the gap has narrowed a lot in yesterday’s session
and needs gold to close below 1220 in order to negate the current direction.
However, this is especially a tough job to end it, this past month a half as it
managed to touch and not confirm and instead started widening up again the next
day.
This time round is no exception and the indicator might come so close and
even to the point of touching the bottom of channel from below, but then start gapping
away from the channel the next day, especially if it didn’t manage to breach
and close with the direction negated.
So a lot of watching and seeing plus
patience is required in order to plan the next move.
The momentum/volatility
indicators are losing ground very rapidly and now back into the warm zone but
luckily not too far in yet and a revival from here is a lot easier than if it
had gone to lukewarm zone.
The positive bias is still too wide and likely not
be contraed these couple of days a lot it has continued narrowing, but
gradually.
Interim supports are at 1315, 1311 & 1303 with minor
supports at 1315.50, 1303.60 & 1301.
Interim resistances are at 1333, 1338.50, & 1352 with
minor resistances at 1338, 1352 & 1380.80.
The daily/weekly trend changer points are at 1357.55/1231.50.
1 comment:
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