In the daily charts, the short term directional indicators
are stalling just beneath the overbought region, just what is it waiting for?
Maybe the market is positioning itself for the onslaught of more presidential sensitive
type news to be the harbinger of the next move?
At the last round of news and
without new developments, could mean a slight edge for Trump as we head into
the elections.
The medium term trending indicators are pushing northwards and
paint a nice picture without any kinks to break the lines.
If it continues its’
run up, it probably has a week’s worth of upside probing before it starts to be
toppish at the earliest.
The long term directional indicators are a sight to
behold and this will keep gold tending to the higher side for a little while
more.
If we are lucky, we may get to 1325 on this run.
The momentum/volatility
indicators are levelling off and not increasing at the moment and once it
starts stalling, could see a disinterest building up and volumes go into a
tailspin.
The positive bias is backpedaling a little today as it became less
positive.
Interim supports are at 1289, 1283.50 & 1278.50 with
minor supports at 1294, 1282.50 & 1270.60.
Interim resistances are at 1302.50, 1316.50 & 1321 with
minor resistances at 1305.90, 1316 & 1335.50.
The daily/weekly trend changer points are at 1265.30/1364.55.
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