My work week has been an extraordinarily long one stretching
some 16 days and still ongoing before I can get a little break this coming
weekend.
However, I am glad to be home now and again able to monitor up close
the hustings in the gold prices.
In the daily charts, the short term
directional indicators have pulled to near the overbought region with a dash of
weariness as gold refuses to push pass the 1275 area.
It is crucial for gold to
push pass and hold this level to have these indicators to at least have a
chance of pushing into the overbought zone.
The medium term directional
indicators are looking neat, clean and tidy with little jarring and are still some
way off from the parity line and if the market favours more upside, this is
easily attained and could see it through till the end of the week.
Not pushing
higher is not an option and that will spell a turning soon after.
The long term
directional indicators have settled down and content to remain in the middle as
it watches the next moves eagerly.
Perchance if gold pushes and holds above the
1285, there is a good chance these indicators will likely cut and open up the
higher ranges again, perhaps to 1300.
The momentum/volatility indicators have
only been receding steadily since the recent lows were made and they are back to
just humming rather than zooming around.
However, the negative bias is
maintaining but the gap has narrowed with a chance of crossing back over if it
moves sufficiently.
Interim supports are at 1265, 1261 & 1250 with minor
supports at 1267.20, 1260.60 & 1256.50.
Interim resistances are at 1274, 1285 & 1295.50 with
minor resistances at 1277.30, 1280.40 & 1291.40.
The daily/weekly trend changer points are at
1245.50/1367.05.
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