In the daily charts, the short term directional indicators are now near to the 70% mark now and have about 2 days of pushing higher, that is,
If it wishes to do so, before reaching the overbought region.
However gold price action is not in line with the indicators so tardiness in that might start weighing down and thereby, curtail gold from receiving its potential.
The medium term trending indicators are moving well as expected.
They have move well above the parity line and for now, looks set for further highs but, it is nearing the previous peak and with the current price action, surpassing that, will be an arduous task and in all likelihood, maybe it will not be able to do that.
The long term directional indicators are making a dash to the lower end now and if it is successful to protrude from below, underpin the market thereafter and it is at least 3 days away from any confirmation generated.
Gold must continue to climb and close higher daily in order to do that. The momentum/volatility indicators have pushed up a couple of notches but still not yet in the “push” zone.
Momentum has to be double that of current levels before we can see gold at least attempt to break out of recent ranges.
The negative bias receded in line with the price action in gold.
Interim supports are at 1331, 1326 & 1322 with minor supports at 1335.30, 1327.80 & 1315.50.
Interim resistances are at 1343, 1348 & 1353.50 with minor resistances at 1352, 1380.80 & 1386.25.
The daily/weekly trend changer points are at 1343.65/1293.50.
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