I am in the midst of my trip so a full reading may not be
possible but I couldn’t help noticing that the weekly trend changer point was
triggered only today.
This should set
gold in a more solid position as it steadies itself around the 1200, building a
base before probably pushing higher towards 1270.
In the daily charts the short
term directional indicators have pushed into the overbought zone but started
bearing down.
This signals that perhaps, a top is in place in the short term.
The medium term trending indicators have surpassed the previous peak but sadly,
look like it is faltering and deteriorating even as it managed to test higher
and come to an impasse for now.
The long term directional indicators continue
to look positive without any withering and if gold does not close below the
1200’s, then it should continue to keep its own above the 1200.
The
momentum/volatility indicators are prepped nicely and almost ready to speed out
of the gates, that is, it just needs to cross the line and deal done.
Hopefully
it takes advantage and makes something out of it after having come so far.
Interim supports are at 1194.50, 1187.50 & 1167.50 with
minor supports at 1200.10, 1190.60 & 1182.50.
Interim resistances are at 1209.50, 1215.50 & 1218.50
with minor resistances at 1210.20, 1218.50 & 1231.40.
The daily trend changer point is at 1180.45.
Next update will probably be next week on the 23rd
when I am back in office.
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