In the daily charts, the short term directional indicators are
right in the middle of performing a fillip and almost on the verge of
confirming cutting up again but a pity it is already at a lofty perch.
So even if it successfully cuts higher, it
might not run too high unless there were cataclysmic events following that.
Motives
for the recent move are almost invisible and belie that perhaps, vested parties
may have begun hedging the outcome of the US presidential election but there
must be a winner and hopefully a lesser evil than the other.
The medium term trending
indicators finally have both prongs pushing above the parity line and the
gradient is sufficiently steep and this might see gold trying for at least
1300.
The long term directional indicators have finally and clearly confirmed
for the higher and hopefully, there will be sustainability for the move.
As it
newly confirmed, could see gold remaining on the firmer side for at least 2
weeks if all goes well.
The momentum/volatility indicators have bounced off the
bottom and ascending now but still at very low levels.
The positive bias seems
to be growing just stronger at the moment and what will help, will be for the
momentum to pick up and send it straight higher.
Interim supports are at 1282, 1277 & 1271 with minor
supports at 1279.60, 1270.60 & 1267.20.
Interim resistances are at 1291, 1303.50 & 1311.30 with
minor resistances at 1291.40, 1307.50 & 1316.
The daily/weekly trend changer points are at
1255.90/1364.55.
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