In the daily charts, the short term directional indicators
will likely reach the lower boundary of the overbought zone in a day or
two.
So depending on the force behind
the move, if it is powerful enough, then we might push towards 1280 at the
least and if it is not, then it will be toppish around 1264 levels.
The medium
term trending indicators have finally pushed past the parity line but it is a
must for gold to close at least 1250 today as last week’s closing was just
below 1240 levels in order to confirm the penetration of the parity line.
Once it
is confirmed, opens up the potential for more upside forays or at the worst,
maintain nearer to the higher end of the recent range.
The long term
directional indicators are almost on the verge of cutting up again and may need
a day or two to confirm it.
However, it does need gold to close at least 1260
today in order to do so and speed is of the essence to confirmation.
If it takes
a week to do it, then the effect of moving higher is lost and indicators might
not confirm.
The momentum/volatility indicators’ vigour is renewed and ascending
towards the 30% mark as fresh impetus and undercurrents are apparent and need
it to stir up more investment interests.
Interim supports are at 1251, 1237.50 & 1230 with minor
supports at 1254.80, 1239.30 & 1228.
Interim resistances are at 1259, 1267.50 & 1287 with
minor resistances at 1268.30, 1272.70 & 1277.30.
The daily/weekly trend changer points are at
1209.50/1176.50.
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