In the daily charts, the short term directional indicators are
in the overbought zone but losing steepness and looks like it is almost on the
verge of veering.
That is, if the longs are too nervous to continue holding on and
too much profit taking occurs.
So let us hope gold manages to cling on to the
higher side of the spectrum, till the next spate of bad news comes out.
The
medium term trending indicators are suffering from the recent softness and a
crook is forming but is unconfirmed, with the gold at current levels.
To straighten
it out, gold needs to close back above the 1255 to prevent it from incriminating
itself “brocard nemo tenetur se ipsum accusare”.
The long term directional indicators are still gelled together and
having no clear victor at the moment, needs gold to close above 1265 before it
becomes apparent or, point blank.
Notably however, in pure technical terms, the
cutting up – upward bias was confirmed last night but could easily be undone
with the overnight weakness.
The momentum/volatility indicators are back to a
hum drum mode. Just as quickly as the slightly upward bias that was showing,
has almost started turning back.
Interim supports are at 1242, 1237 & 1227.50 with minor
supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1258.50, 1265.50 & 1286 with
minor resistances at 1251.70, 1268.30 & 1272.70.
The daily/weekly trend changer points are at
1214.50/1176.60.
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