Gold pushed higher during Asia hours and continued to be buoyed
in the London zone.
In the daily charts, the short term directional indicators
have successful cut up from below and have reached the bottom barrier of the oversold
region and it should be able to push back above that soon enough.
If that’s
done neatly, indicates that in the near term, the lows have been seen and set
and gold will likely have some retracement.
If it’s a good retracement, we might
see gold testing 1275 and if it’s a gentle recovery, then, maybe up to 1255 only.
The medium term trending indicators had gone sufficiently deep enough and
almost matching the earlier low in this indicator.
It is also veering a little
and susceptible to pulling back a little higher for now.
However, it is still
days off, from cancelling the down trend, or, to cut back for the higher.
The long term directional indicators are having
a respite as gold did not manage to thrash the 1200 and if gold keeps tending
well above the recent lows and nearer to 1220, then the direction will be
negated before long.
The momentum/volatility indicators are pulling back again
and down 2 notches.
Just as well, it has become just a little more positive as
the gap narrows.
Interim supports are at 1205.50, 1200 & 1187.50 with
minor supports at 1204.70, 1190.60 & 1182.50.
Interim resistances are at 1218.50, 1228.50 & 1238 with
minor resistances at 1221.70, 1231.40 & 1240.70.
The daily/weekly trend changer points are at
1293.95/1347.20.
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