In the daily charts, the short term directional indicators have just poked its head into the overbought zone.
Having done that, it must continue rallying as once it starts to falter, it might be a prelude that the market top has been etched and retracements might be in store.
The medium term trending indicators are nicely poised upwards but the gap from the earlier peak to its current level is very wide.
In order to close the gap, would need gold to run to at least 1330 at the minimum.
Failure to surpass the previous peak will in fact turn it into a very strong divergence especially if it manages to cut lower.
The long term directional indicators are continuing higher and will be a while more before any signs of softness will appear.
The momentum/volatility indicators are at very good levels, around the 50% mark, sufficient to push gold quickly if it so desired.
Interim supports are at 1261.50, 1253.50 & 1247.50 with minor supports at 1256.50, 1239.30 & 1228.
Interim resistances are at 1273, 1276.50 & 1283 with minor resistances at 1272.70, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1209.50/1103.15.
Get Gold Trading Chat (Android), excerpts from there
Having done that, it must continue rallying as once it starts to falter, it might be a prelude that the market top has been etched and retracements might be in store.
The medium term trending indicators are nicely poised upwards but the gap from the earlier peak to its current level is very wide.
In order to close the gap, would need gold to run to at least 1330 at the minimum.
Failure to surpass the previous peak will in fact turn it into a very strong divergence especially if it manages to cut lower.
The long term directional indicators are continuing higher and will be a while more before any signs of softness will appear.
The momentum/volatility indicators are at very good levels, around the 50% mark, sufficient to push gold quickly if it so desired.
Interim supports are at 1261.50, 1253.50 & 1247.50 with minor supports at 1256.50, 1239.30 & 1228.
Interim resistances are at 1273, 1276.50 & 1283 with minor resistances at 1272.70, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1209.50/1103.15.
Get Gold Trading Chat (Android), excerpts from there
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