In the dailies, the short term directional indicators has poked into the overbought region but with the market not sticking nearer to the highs poses some risk that the current run might be over.
To overcome that, it must push higher these few days to sustain the rally and thereby, develop what runners call a second wind.
The medium trending indicators has room to push higher till the end of the week and will start looking toppish if we stray too far from the recent highs.
The long term trending indicators has freshly turned up positively but may be weighed down by the other indicators.
The momentum/volatility indicators was recently in the hot zone but a lack of fresh highs is making it decelerating, like a flash in the pan.
All is not lost if fresh highs are made within this week. In the weekly charts, the short term directional indicators are nicely pointed northwards but looks like it's faltering.
The medium term trending indicators are still looking good and some distance yet from the parity line.
The long term directional indicators negative bias were negated and will be some time more before fresh signals may develop.
Interim supports are at 1091, 1082.50 & 1078.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1111, 1114 & 1121.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer point is at 1058.70/1112.
Nb: This is the umpteenth time that we are close to triggering the weekly trend changer point and failed largely as the rally were all news driven.
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To overcome that, it must push higher these few days to sustain the rally and thereby, develop what runners call a second wind.
The medium trending indicators has room to push higher till the end of the week and will start looking toppish if we stray too far from the recent highs.
The long term trending indicators has freshly turned up positively but may be weighed down by the other indicators.
The momentum/volatility indicators was recently in the hot zone but a lack of fresh highs is making it decelerating, like a flash in the pan.
All is not lost if fresh highs are made within this week. In the weekly charts, the short term directional indicators are nicely pointed northwards but looks like it's faltering.
The medium term trending indicators are still looking good and some distance yet from the parity line.
The long term directional indicators negative bias were negated and will be some time more before fresh signals may develop.
Interim supports are at 1091, 1082.50 & 1078.50 with minor supports at 1070.40, 1030.80 & 1023.80.
Interim resistances are at 1111, 1114 & 1121.50 with minor resistances at 1123.20, 1132 & 1142.20.
The daily/weekly trend changer point is at 1058.70/1112.
Nb: This is the umpteenth time that we are close to triggering the weekly trend changer point and failed largely as the rally were all news driven.
Get Gold Trading Chat, excerpts from there
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