In the daily charts, the short term directional indicators
(aghast) are pushing near to the 50% mark.
Gold has benefited from the turning
of these indicators and made a nice recovery too.
Having said that, the indicators
are not at low levels anymore and perhaps it has about 3, maybe 4 days of
upside forays before reaching the overbought zone so caution is not to turn
long at the tail end of the swing unless there was some compelling news that
simply cannot be ignored.
The medium term trending indicators are performing
very nicely with a classical up turn and just touching the parity line.
So gold
must juggle with the parity line and hopefully we can have a good outcome and
not fizzle out.
The long term directional indicators are taking their own sweet
time to re-synchronise and any new leads will probably emerge at the end of
next week if the market continues to be moving slowly.
The momentum/directional
indicators have merely just stabilized in a holding position and it will be unlikely
to run away anytime soon if it’s just moving on current fundamentals.
Just as
well, the negative bias was overpowered overnight and it is now veering on the
positive side.
Interim supports are at 1331, 1324.50 & 1321 with minor
supports at 1335.30, 1327.80 & 1315.50.
Interim resistances are at 1348, 1353.50 & 1366.50 with
minor resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at
1344.95/1293.50.
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