In the daily charts, the short term directional indicators
have firmed up accordingly, coasting just around the 25% level.
If it goes as
planned, we should find gold having a recovery for the week and hopefully this
round, it takes its time going higher so the move is sustained.
Any sharp moves
up will only distort the indicators and the play is ended before we can go to
Act 2.
The medium term trending indicators have only just started to cross over
and cut back into the positive territory, but are still a long way off from the
parity line.
This will likely underpin gold for another week or two and if we
are lucky, maybe even up to 3 weeks.
The long term directional indicators are
trying to disengage from each other but likely, nothing special will come out
of that.
It is disengaging and going back into rudderless drifting as per the
market forces wills it.
Since it is sitting at the other end, it would need at
least 2 more weeks of drifting, before any semblance of a new direction will
emerge.
The momentum/volatility indicators are looking desperately close to
falling into a coma and the negativity is reducing gradually.
Gold needs to
continue pushing higher, maybe up to 1335, before the negativity can be nullified.
Interim supports are at 1323, 1318.80 & 1306 with minor
supports at 1315.50, 1303.60 & 1298.30.
Interim resistances are at 1330, 1353 & 1361 with minor
resistances at 1335.50, 1338 & 1352.
The daily/weekly trend changer points are at
1346.50/1293.50.
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