In the daily charts, the short term directional indicators
have now pushed up higher nicely and almost reaching the half way mark.
If it
pans out nicely, it could remain thus for at least another week and recent
highs be revisited.
The key is not to have a sudden surge but a consistent push
higher will see it power above the recent benchmark.
The medium term trending
indicators have nicely turned up and just challenging the parity line with the
good move overnight.
It needs a closing above at least 1343 in order to confirm
the cross over into the positive territory.
The long term directional
indicators which were recently mildly negative have now been negated.
It will
take at least a couple of weeks before a new directional can be had.
The
momentum/volatility indicators are still nondescript and clearly would need
some help in order to set gold moving out of the recent range.
Interim supports are at 1331, 1327 & 1320.50 with minor
supports at 1315.50, 1303.60 & 1301.
Interim resistances are at 1345, 1350.50 & 1370 with
minor resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at
1313.35/1241.40.
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