In the daily charts, the short term directional indicators
are sprouting new shoots northwards and around the 55% mark.
What it makes of that,
depends on the next batch of news that comes up and if the news dries up, the
possibly gravity might pull it back lower.
The medium term trending indicators
are tickling the zero line from the bottom and need gold to at least close
above 1245 before it can push past and secure the parity line.
Once that’s done
we might have a go at above 1300 - hopefully.
The long term directional indicators are
still looking for a way out of the clutter and with gold keeping above 1230 for
another week, might just be enough to alter it’s earlier direction.
It is early
yet and so patience is required to wait out the outcome of it’s meandering and
not turn out to be another decoy.
The momentum/volatility is still losing
strength, albeit with a slight upward bias but this can be easily overturned if
sufficient force comes in from the opposite direction.
Interim supports are at 1230.40, 1221.30 & 1212 with
minor supports at 1228, 1218.40 & 1208.80.
Interim resistances are at 1246.40, 1257.40 & 1264.70
with minor resistances at 1240.70, 1251.70 & 1268.30.
The daily/weekly trend changer points are at 1208.80/1164.80.
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