In the daily charts, gold deliberated for a long while
before finally deciding to just pop a little higher in the Asian hours.
With
that, the short term directional indicators look a little revived and cruising
around the 40% mark.
However, the problem with an Asian move is, it usually
lacks punch and normally, will give back some or all of the gains either after London
or New York sessions starts and a new equilibrium will be found.
The medium
term trending indicators have also similarly and decisively pulled back above
the parity line and cut up for the higher.
I am still waiting to see what the
market can make of it and hopefully, profit from the signal generated.
The long
term directional indicators continue to be sidelined but an early move to
underpin prices could be in the works if prices continue to rise slowly higher
over the next week and a half.
That is, it must consistently close a tad higher
each day until the market’s inertia is broken by the torque generated and
forcing it into a good rally.
The momentum/volatility indicators have crept up
just a notch and are unlikely to do very much in the next day or two and have
just a hint of bullishness.
Range traders continue to rule.
Interim supports are at 1344.50, 1339 & 1331.50 with minor
supports at 1335.30, 1327.80 & 1315.50.
Interim resistances are at 1352, 1368.50 & 1374 with
minor resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at
1336.75/1264.
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