In the daily charts, the short term directional indicators
are in a mini coup with gold prices trekking above 1250’s at the moment.
It has
managed just the tiniest reversal at the moment and plenty of exploratory room
if it wanted.
The medium term trending indicators has managed to do a
somersault as well and just pushing off the parity line and trying to get some
distance from it.
As it is just off the parity line and if the attempt is
successful and in line with the market consensus, there will be huge upside
potential in the coming week or two.
The long term directional indicators are
to force a confirmed signal for upside bias but will need to close above 1260
today.
The momentum/volatility indicators are all still at levels that are as
unexciting as watching a snail crawling by and a dash of news now is required
to help it turn 2 notches higher to achieve higher bench marks and hopefully a
good closing to trigger off a sustained rally to at least 1320.
Interim supports are at 1244.50, 1233 & 1227 with minor
supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1260, 1270.50 & 1290.50 with
minor resistances at 1268.30, 1272.70 & 1277.30.
The daily/weekly trend changer points are at
1267.60/1196.70,
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