In the daily charts, the short term directional indicators
are stepping back nicely away from the oversold region.
However, it’s only half
way confirmed and needing the other leg to swing over as well.
Once both legs
are crossed over, coming off from nearly zero level, should set gold up for
some recovery and we may have a chance to push till at least 1250.
The medium
term trending indicators have turned back up now and confirmed cutting up.
Since it had ran really deep earlier, potentially could put gold up for keeping
more to the higher side for a considerable period, maybe at least 2 weeks.
It might
also send gold towards 1280 before starting to look fatigued.
The long term
directional indicators are softening on it’s push lower now and the negative
inclination could be negated by the week’s ending.
The momentum/volatility
indicators are dribbling a lot lower today with the negativity abating and a mild
push towards totally cancelling it.
Interim supports are at 1208.50, 1200 & 1195.50 with
minor supports at 1212.60, 1205.50 & 1190.60.
Interim resistances are at 1225.50, 1238.50 & 1251.50
with minor resistances at 1221.70, 1231.40 & 1240.70.
The daily/weekly trend changer points are at 1284.90/1347.20.
Get Gold Trading Chat (Android), excerpts from there
No comments:
Post a Comment