In the daily charts, the short term directional indicators are
pushing nearer to the 40% mark but a tinge of weakness has started showing just
at the tip as the gradient is waning just as gold is softer today.
However, the
trend is maintaining for now and with the likelihood of some major geopolitical
tensions or news that will upset it.
The medium term trending indicators are firming
up nicely and looking like a text book example of a trend change and if gold
decides to run with this, it has a long way to go up.
The long term directional
indicators run lower have almost finished its run as new lows are not being
made.
Very likely, the negative signal will be voided by the middle of next
week.
The momentum/volatility indicators are receding at an even pace so gold
will be trading evenly and no explosive movement unless the unpredictable
eventualities occur.
The negative gap is also getting narrower but is still far
from conversion yet as that is still many days away.
Interim supports are at 1248, 1246 & 1259.50 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1258.50, 1263.50 & 1268.50
with minor resistances at 1268.30, 1272.70 & 1280.40.
The daily/weekly trend changer points are at
1282.30/1372.25.
Note: Mib updated that he is travelling to attend the LBMA Conference so no updates for a week.
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