In the daily charts, the short term directional indicators
are starting to weigh down upon itself as it struggles to push and hold above
1275.
In fact, if it closes below 1270’s signals that maybe a top is in place
for now and these indicators may initiate a turning down from here.
The medium
term trending indicators are so close to the parity line but looks like it is
faltering and it might not get a chance to chafe it before dribbling back
lower.
If the turning is successful here, gold may a chance to push back to
1250 levels.
The long term directional indicators are 2 days away from being
confirmed with upside bias, that is, gold needs to push towards 1280 and close
above that.
Looking leaden here, gold might completely give this a miss but one
can never rule out any geopolitical tensions/situations catalyzing it higher.
The
momentum/volatility indicators are still losing steam but negativity/positivity
is remaining status quo for now and could be setting for an erratic and whippy
move.
Interim supports are at 1267.50, 1261.50 & 1250.50 with
minor supports at 1267.20, 1260.60 & 1256.50.
Interim resistances are at 1279, 1285.50 & 1295.50 with
minor resistances at 1278.30, 1280.40 & 1291.40.
The daily/weekly trend changer points are at
1247.40/1367.05.
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