In the daily charts, the short term directional indicators are
now working its way higher and almost reaching the overbought region, probably
a day or two later.
So it would seem, the worry warts have finally made their
call and hedging the risks of the US elections.
Some players view that if Trump
wins, then gold will react immediately, that is, move higher.
If Clinton were
to win, then, gold will also move higher, but at a later date, that is, after
QE5 is heralded.
This is not an easy election but come what may, it will probabaly benefit gold.
The medium term trending indicators are recovering well above the
parity line and still some way off the previous peak and correspondingly, could
mean gold testing at least 1325 when the indicator peaks.
The long term
directional indicators are in its early days yet. This should keep gold ginger
footed and tending nearer to recent highs for another 2 weeks.
The
momentum/volatility indicators moved up 2 notches from yesterday and this makes
an interesting play if it continues building up.
However, it is still not yet
reached a volatile stage so movements might not be as speedy as we like it.
The
positive bias is also increasing nicely, pulling well away from turning
negative.
Interim supports are at 1295.50, 1288.50 & 1280.50 with
minor supports at 1298.30, 1282.50 & 1279.60.
Interim resistances are at 1317, 1332 & 1353 with minor
resistances at 1307.50, 1316 & 1335.50.
The daily/weekly trend changer points are at
1259.50/1364.55.
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