Wishing Everybody A Very Happy New Year and Massive Returns
for 2017. I was called away for business travelling before dropping my pen and
only just back today.
In the daily charts, the short term directional
indicators are just around the 65% level and signs of some deterioration just
as the indicators are trying to turn back.
If successfully done, gold should be
pressurized back lower to maybe around the 1130’s levels again.
The medium term
trending indicators have come to the parity line and just dribbling around it
at the moment with one of its appendages just clinging above the line in the
hope, the other one will be pulled soon after as well.
The other appendage had
better pull above the parity line soon or else it loses it forward inertia and retracements
will be in short order for the recent move higher.
As it is now, the steep climb
higher is starting to flatten out just a wee bit.
The long term directional
indicators have managed to neutralize the negative stance and in fact, on the
crux of confirming cutting over into a positive stance.
However, gold needs to
close above 1255 today in order for the confirmation to solidify, otherwise, it
could send gold back to a trance with consolidation as the norm for at least 2
more weeks.
The momentum/volatility indicators are inching up day by day but
still at least 3 notches away for the market to enjoy a good run.
Notwithstanding that, gold turned positive about 8 days back and going deeper
into the positive territory.
However, it must continually keep to the higher
side of recent highs to avoid disruption to its current stance.
Interim supports are at 1147, 1143 & 1123.50 with minor
supports at 1144.60, 1132.80 & 1124.40.
Interim resistances are at 1162.50, 1169 & 1189 with
minor resistances at 1157, 1166.50 & 1177.20.
The daily/weekly trend changer points are at
1129.30/1233.25.
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