In the daily charts, the short term directional indicators
are just latching on to the overbought region, but have not protruded into the
region yet.
The fear now is, it is unable to successfully break through this
barrier today, then further attempts to push higher next week will be like tying
weights to your feet while trying to do high jump.
So gold needs to push above
1310 tonight and close above that.
The medium term trending indicators are
steadily climbing higher and are showing that the gold will likely continue to
be on a firm footing into next week.
However, it must seek to anchor itself
higher in order to prevent the inertia from stopping altogether and then
trouble begins.
The long term directional indicators are moving along curtly
and there can be no dallying or risk a fall out back into a congestion phase.
Gold must not close below 1280 or else, all will be for naught. The momentum/volatility
indicators are starting to waver here but still well below the hot zone.
It
needs to be pumped up 2 more notches to send gold moving more purposefully.
The
positive bias is shrinking a little today but likely not in danger of being
overridden.
Interim supports are at 1293.50, 1288.40 & 1283.40 with
minor supports at 1298.30, 1294 & 1282.50.
Interim resistances are at 1310.30, 1318 & 1326.50 with
minor resistances at 1309.90, 1316 & 1335.50.
The daily/weekly trend changer points are at
1270.40/1364.55.
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