Finally, somebody decided to throw in his lot and secured
gold’s closing above 1260’s.
That’s the cue to suggest market has more attitude
than just flip flopping around.
In the daily charts, the short term directional
indicators have pushed back higher and well above the 50% mark and with some leeway
before it becomes overbought.
So, we might have a chance to poke to at least
1300 before the week’s out. The medium term trending indicators are pulling nicely
away from the parity line and only a third of the height compared to the
previous peak in this indicator.
As this is a stronger indicator and if only
going on this indicator by itself, then interpolating the previous peak to
current levels, could see gold coasting to 1400 levels but in reality, a myriad
of other indicators are interlaced into each other .
The long term directional indicators have
finally confirmed a cutting up for the higher.
The momentum/volatility
indicators have finally revved up two notches but the brake pedal is still
depressed.
So we just have to let it loose and it ought to rip ahead.
Interim supports are at 1279.50, 1276.50 & 1262 with
minor supports at 1256.50, 1239.30 & 1228.
Interim resistances are at 1286, 1289 & 1301 with minor
resistances at 1291.40, 1305.90 & 1307.50.
The daily/weekly trend changer points are at
1227.80/1196.70.
Note: The daily trend changer point was triggered in Asia
today.
Get Gold Trading Chat (Android), excerpts from there
No comments:
Post a Comment