In the daily charts, the short term directional indicators have come
nicely higher and just around the 60% mark.
It could possibly touch the overbought zone in about 3 more days.
The
medium term trending indicators are pulling up strongly and just about 2 steps
away from the parity line.
The long term directional indicators have now
negated the earlier bearish bias.
It will take some time before it
re-synchronises itself and the new trend apparent.
Probably gold needs to be
kept engaged near the higher end till the week’s ending at the earliest, and we
might get a confirmed signal for more upside forays.
The momentum/volatility
indicators are, believe it or not, still lackadaisical and needs to be turned
up at least 3 notches before it starts to stir.
However, the earlier softness in
this technical is totally eradicated and if it must continue widening the gap,
will put it in good stead for some chest thumping times higher.
Interim supports are at 1228.50, 1220.50 & 1207 with minor supports
at 1239.30, 1228 & 1218.40.
Interim resistances are at 1252.50, 1258 & 1283 with minor
resistances at 1251.70, 1268.30 & 1272.70.
The daily/weekly trend changer points are at 1200.50/1297.60.
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