In the daily charts, the short term directional indicators
have continue sliding lower and around the 58% level now, losing over 25% as
the lows of around 1323 were tested yesterday.
These indicators will likely
continue pressuring the complex lower as it still have some length beneath that
could be taken advantage of.
As the
earlier run lower was swift and forceful, that is, a low of 1323 was achieved,
looking at the height of the indicators now, could mean that 1320 might not be
able to hold back the march lower unless some fresh rumblings come into play.
The medium term trending indicators continue to point lower, and have lost
about 50% of its earlier gains.
However it is still days away from reaching the
parity line and without any new disturbances, the parity line could be challenged
at the earliest, by next Wednesday.
The long term directional indicators are
breaching the channel and piercing right into it, with the channel sloping
downwards quite steeply.
However, it is only conclusive if at the closing, it
remains thus, unless gold closed back above the 1330’s and it then becomes a
near miss again.
So a closing below 1320 will confirm that the direction is negated
and some consolidation is required before the fresh direction becomes apparent.
The momentum/volatility indicators are being slam dunked and lost many notches
making for difficulty to hold the attention in any particular direction for too
long.
The positive bias strangely managed to stem the losses and trying to ward
off the crashing through of the 1320 level as the gap somehow started stabilizing
and holding it steady.
Interim supports are at 1320, 1313.50 & 1305 with minor
supports at 1315.50, 1303.60 & 1301.
Interim resistances are at 1331.50, 1335.50, & 1350.50
with minor resistances at 1335.50, 1352 & 1380.80.
The daily/weekly trend changer points are at 1356.15/1231.50.
No comments:
Post a Comment