Duty called me from the thick of action and I missed all the
action and looks set to continue missing it for another 3 weeks at the least.
In
the daily charts, the short term directional indicators had initially pushed
above the overbought zone by a wide margin but with the weakness, have now been
pushed back below the zone and touching the 70% level now.
The medium term trending
indicators are starting to look a little heavy and will peak soon enough the
longer it strays and stays away from the recent highs.
The long term directional indicators are still
pressing on. So gold will likely continue keep trying to press higher or
keeping to the higher side.
However of late, most of the big moves came on the
back of news so in all likelihood, gold will have a new burst of life when the
next big news hit.
The momentum/volatility indicators were climbing nicely but hit
a road bump which has somewhat put it back a notch or two.
Hopefully we are
able to overcome it and surpass and push even higher.
Interim supports are at 1275.50, 1263 & 1259 with minor
supports at 1278, 1270.60 & 1267.20.
Interim resistances are at 1303.50, 1307 & 1315 with
minor resistances at 1305.90, 1316 & 1352.
The daily/weekly trend changer points are at 1258.40/1199.60.
ps. Mib Agenti will be away for another 3 weeks.
Get Gold Trading Chat (Android), excerpts from there
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