In the daily charts, the short term direction indicators are
still pushing higher almost touching the 77% mark and near enough the
overbought region.
If gold attempts going below 1210 and closes below there, will
like cause the indicator to cut and confirm for the lower in the interim.
So
despite not being able to shore up above 1220’s, luckily it was too far gone
such that it pressurized gold too low.
The medium term trending indicators have
pulled back a little into itself and the gradient of the slope is getting
gentler and fortunately, has not cut for the lower yet. So it could just be it
is taking a rest an realigning the indicators before showing its true mettle.
The long term directional indicators are still at least 3 days away for etching
out a new direction, if at all, will more likely be for the higher side.
The
momentum/volatility indicators are just planing along but they have converged
and usually a short burst will happen and then the direction is set.
The
positive bias is getting narrower for now with the slightest of difference from
yesterday. So it will be likely for the bias to fester for another couple of
days.
Interim supports are at 1207, 1203.50 & 1193 with minor
supports at 1212.60, 1200.10 & 1190.60.
Interim resistances are at 1222.50, 1232 & 1258 with
minor resistances at 1221.70, 1231.40 & 1238.
The daily/weekly trend changer points are at
1183.75/1128.05.
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