In the daily charts, the short term directional indicators
are finally taking some heat off the recent decline and just started pushing away
from the oversold zone.
So it is looking mildly positive at the moment and
hopefully be able to lift clear off and recover back to at least 1235 and make
good use of this and not be a wasted opportunity.
The medium term trending
indicators had a sharp turn around but is very near to being confirmed.
It just needs gold to move and close back
above 1225 and it’s a done deal.
If it’s endeavour is successful, that could
mean gold testing back to 1250 in the next week or two.
The long term
directional indicators are continuing to taper slightly further with each
passing day with recent lows not breached but remain cautiously on the softer
side.
Gold needs to just guard the recent lows for at least 2 to 3 weeks and
the indicators will likely be poised for having a break back higher.
The
momentum/volatility indicators are ebbing but the bearish stance has not yet been overwhelmed
and likely be like a dark cloud, ready to pour when it starts raining but
nothing doing until it does.
Interim supports are at 1201.50, 1194 & 1188.50 with
minor supports at 1212.60, 1208.80 & 1200.10.
Interim resistances are at 1223, 1239.50 & 1249 with
minor resistances at 1222, 1231.40 & 1238.
The daily/weekly trend changer points are at
1249.65/1303.60.
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