In the daily charts, the short term directional indicators
look like they are in the midst of trying to turn back higher.
In fact, they
are trying to breach back above the oversold zone.
Once this is set in stone,
then gold will stand a better chance to head back higher to at least 1350 in
the interim of this recovery run.
The trick is not to run too fast or else the
indicator will peak far too early and we might see it backpedaling sooner than
we like.
The medium term trending indicators are finally showing a little mettle
and trying to fend of the recent lows and attempting to put an end to the
recent softness by trying to cut back for the higher.
If it is tastefully and
successfully done, could see gold recover back to recent highs with ease.
As it
is coming from deep within the negative zone, it has lots of potential to push
it back higher, a lot higher.
The long term directional indicators are at the
last, still bearing southwards but if the short and medium term indicators have
confirmed turnings, might breathe some of the positiveness into this indicator
and cull the weakness out of it and go into some consolidation.
The momentum/volatility indicators need
steroids urgently and it can easily go from snail’s pace into hibernation mode
fairly quickly as the levels are really too low and will be difficult to dial
it up to a running mode, if at all, in the next week.
Interim supports are at 1312.50, 1305 & 1299.50 with
minor supports at 1315.50, 1303.60 & 1298.30.
Interim resistances are at 1324.70, 1335.80 & 1356.50
with minor resistances at 1335.50, 1352 & 1380.80.
The daily/weekly trend changer points are at 1342.90/1276.90.
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