In the daily charts, the short term direction indicators
surpassed its previous peak and no wonder gold is finding tough to push just
that bit higher as it has reached the ceiling for now.
You cannot just push
through that for now, so what it needs to do is, to pull back a little first for
some breathing space before giving a hard shove higher.
One has to remember
that we are talking the indicator here and not the gold price and that is, vis-à-vis,
does not move in tandem or tick for tick movement.
However, it still risks
hitting the ceiling again and again.
The medium term trending indicators continue
to be northwards bearing with a slight tinge of weariness creeping in, just at
the tip.
Let’s see how this plays out tomorrow but it is still days yet for the
trend to be overridden.
The long term directional indicators cutting higher
freshly minted confirmation faces obstacles before the run has even started in
that, it is already testing the upper boundary and every new high gained is a
tedious affair so newer highs may not be so forthright coming and likely be slower
in the making from here on.
The momentum/volatility indicators are burning red
now but the winds have died down somewhat and not fanning it hotter.
The
positive bias’ gap continues widening today by almost 20%.
Gold should take
care to avoid a closing below 1228 and at least a closing above 1231.40, or
else, it could signal an early top in the making.
Interim supports are at 1224.50, 1218 & 1210.50 with
minor supports at 1228, 1219.40 & 1212.60.
Interim resistances are at 1242, 1250.50 & 1259.50 with
minor resistances at 1238, 1251.70 & 1268.30.
The daily/weekly trend changer points are at
1188.40/1133.90.
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