In the daily charts, the short term directional indicators
are creeping up surely but slowly.
It has crept to above the 40% mark now but gold
is just not moving higher with the indicators which makes one concerned if gold
is going to try to move higher at all.
The danger being that the indicators continue
higher while gold is stuck and once these indicators move too high, it turns
and gold is will be caught in the crossfire and suffer yet another sell off,
hopefully not a major one when that happens.
The medium term trending
indicators are recovering really well and come back up about a third when it
sold off.
The long term directional indicators negative bias have almost been
negated and if gold still holds nearer the 1980’s, it will be done.
The
momentum/volatility indicators are down a couple of notches and the negative
bias gap is narrowing but is a long way off from being converted any time soon.
Interim supports are at 1160.50, 1158 & 1145 with minor
supports are at 1168.70, 1161.50 & 1156.30.
Interim resistances are at 1177, 1192.50 & 1195.50 with
minor resistances are at 1180.70, 1185 & 1191.
The daily/weekly trend changer points are at
1181.55/1315.85.
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