In the daily charts, the short term directional indicators have
managed to cut back up a little.
The signal will only solidify if at the
closing, it manages to close above 1240’s.
Once that’s done, we could probably look
forward for gold to push toward the 1250’s and try to trigger the stops waiting
like ripe cherries, perfect for the picking.
The recent range has really been
boring and hopefully a new range is achieved and brings some freshness into the
market.
The medium term trending
indicators are having a stab higher as they have managed to cut back higher as
well, doing a mid-air turn in the process, which is pretty impressive.
However, the danger is if the market refuses
to run higher than the previous high, which could then set up the making of a
divergence.
The long term directional indicators managed to weasel out of the
prickly situation of being meshed together and have now righted itself and just
started separated and distancing itself from each other.
In a sense, you could say
that it pushed itself back into play by sheer force of will.
The
momentum/volatility indicators are pushing higher by 3 notches with the
positive bias just dialing higher be a wee bit.
The down side of it all is, it
becomes a nonstarter and it will crumble back lower again.
Interim supports are at 1234, 1229.50 & 1223 with minor
supports are at 1228, 1218.40 & 1212.60.
Interim resistance are at 1245, 1261 & 1263.50 with
minor resistances at 1242, 1251.70 & 1268.30.
The daily/weekly trend changer points are at 1216.40/1142.75
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