In the daily charts, the short term directional indicators
have partially pushed itself out of the oversold region now around the 25%
level.
If gold continues to hold above the 1250’s at least, then, we may see
gold attempt to close back higher towards the 1275 by the week’s end.
The
medium term trending indicators are in the middle of doing a nicely formed somersault
but remain unconfirmed at the moment.
If it manages to cut and confirm in the
next day or two, could potentially see it starting to keep away from the recent
lows for the next 10 days.
Whether gold finally runs higher depends on host of
other indicators.
The long term directional indicators are inclined downwards
and may need another week to be negated.
After that, gold will likely go into a
stasis for at least a month.
The momentum/volatility indicators are sadly not
able to capitalize on the recent sell off to bring it to a boiling point.
It is
like an engine having 3 valves but with only 1 of them pumping vigorously with
the other 2 just cruising by and likely to be a drag on the overall performance.
The negative bias is also starting to become more positive as gold manages to
hold above recent lows.
Interim supports are at 1249, 1246.50 & 1224.50 with
minor supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1259.50, 1271 & 1281 with
minor resistances at 1268.30, 1277.30 & 1280.40.
The daily/weekly trend changer points are at
1294.25/1372.25.
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