In the daily charts, the short term directional indicators
are having an appendage just making contact with the overbought zone.
The move up is starting to look just a little
weary as it ponders whether or not to push into the zone.
In order to keep the
direction alive, gold must not close too low tonight, that is, below 1170.
If
it did, then earlier part of next week could see gold going into a correctional
phase.
The medium term trending indicators have climbed really nicely but maybe
a little too hastily such that, it has almost challenged the earlier peak and
if doesn’t surpass that, then 1200 would likely hold gold under.
The long term
directional indicators are looking royal right now and plenty of headroom for
future endeavor and exploration.
However, a bad closing, that is 1160, would send this back into a
consolidation phase.
Otherwise, gold will likely be tending more on the higher
side of things for at least a week or two.
The momentum/volatility indicators
have not been building up and in fact, gone status quo and pushing back a
little to be less positive.
Interim supports are at 1174.50, 1171 & 1162 with minor
supports at 1168.70, 1161.50 & 1156.30.
Interim resistances are at 1181, 1184 & 1191.50 with
minor resistances at 1180.70, 1185 & 1191.
The daily/weekly trend changer points are at
1141.50/1233.25.
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