In the daily charts, the short term directional indicators
have climbed back up to around the 40% mark whereas gold did not register a
similar move.
With it looking a lot better than just 2 days back, hopefully as
it tries to reach the overbought zone, gold is able to ride on it and reach at
least 1285 levels.
The medium term trending indicators are cutting up nicely
now and if it is a good turning, gold has a lot of yardage to the parity line
and should keep gold nippy leaning more on the upper side.
The long term
directional indicators is still overall in charge of the market right now but
without new low seen this week, makes it difficult for these set of indicators
to continue to rule and it will be passe as early as the middle of next week.
After that happens, these indicators will stagnate for some time, usually a
month after a major move before signals of the new trend is apparent.
The
momentum/volatility indicators are ebbing too slowly at the moment just as it
is getting less negative.
So the minute gravity finally kicks in, it will be
pulled back earthwards and there could be a quick drop then.
That could translate
to gold having a “major” move at that time and may seem irrational to the
untrained eye.
Interim supports are at 1251.50, 1247.50 & 1230 with
minor supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1260, 1265 & 1272.50 with
interim resistances at 1268.30, 1272.70 & 1280.40.
The daily/weekly trend changer points are at 1287.90/1372.25.
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