In the daily charts, the short term directional indicators just
barely lifted its chin into the overbought zone.
However, the big rush is
absent at the moment, with the market devoid of any fresh news/impetus.
However, all the earlier news was milked for
every ounce for the play higher and it will be sad it fades into nothingness
and paddle back lower for now.
The medium term trending indicators has firmly
penetrated above the parity line but a lack of follow through is making for
nervous longs as gold nears its recent highs.
So we might see some pitter pattering
before a fresh gust finally sets it up for the next good move.
The long term
directional indicators are mashed together and still unable to separate so the
signal is unconfirmed, albeit it is generally pointing to the higher side.
Gold needs a closing above 1264 in order for
it to confirm and bring 1285 into contention.
Recollecting similar past scenarios,
the indicators could be mashed together for 1 week or more without being
confirmed until signal failure and traded the other way due to trend fatigue.
Interim supports are at 1241.50, 1235 & 1230 with minor
supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1260, 1263.50 & 1270.50 with
minor resistances at 1268.30, 1272.70 & 1278.30.
The daily/weekly trend changer points are at
1211.50/1176.60.
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