In the daily charts, the short term directional indicators
pushed to almost the 60% mark before the London am fix without having a
corresponding move in the actual price.
This would have been a little worrying
if gold didn’t play catch up to the indicators but luckily it did.
Had it not
and the indicators had kept on rising, would have made for a good sell when the
indicators turned back lower.
However, with the indicators already at such a
high level, could mean that it is running out of upside maneuverable room at
the top end of the range before hitting the overbought region.
That is to say, on its own, it will be
difficult to break out from recent highs unless there was powerful news behind
it.
The medium term trending indicators are shaping up rather nicely and
probably touch the parity line from beneath by the week’s ending.
That will
keep gold teetering nearer the higher end of the ranges, at least for now.
The long
term directional indicators have only negated recent weakness and nowhere near
to forming a new direction for at least a week and a half.
The
momentum/volatility indicators are racked 1 bar higher and that’s about it.
It
is still insufficient to provide the basis of a really good move.
So there
might not be too much depth or, the moves in either direction do not have much
sustaining power.
Interim supports are at 1328.50, 1323.50 & 1314.50 with
minor supports at 1315.50, 1303.60 & 1298.30.
Interim resistances are at 1335, 1351.50 & 1365.50 with
minor resistances at 1335.50, 1338 & 1352.
The daily/weekly trend changer points are at 1332.25/1282.80.
Note: The daily trend changer point was overran and now underpins
prices for now.
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