Opps, I copied the wrong charts so I am doing a report on
the weeklies instead.
In the weekly charts, the short term directional
indicators have pulled up towards the 50% mark now and still plenty of room to
be running higher in the longer term.
If the direction sustains, we could see
gold maintaining on the higher side for at least 2 more months.
The medium term
trending indicators are freshly off the lows and confirmed cutting up for the
higher and from the depths it is coming up from, sure have plenty of room to
explore on the higher side.
The first challenge is around the 1200 and once its
cleared that, could bring 1240 into the bigger picture.
The long term
directional indicators are still nursing its wounds and the bearish overtones
are nowhere near to being neutralized and it’s weeks away from the happening.
However, there is a slight curvature as signs of the market trying to stymie
the dribbling lower and hopefully, shore up the lows and have a rebound from
here.
The momentum/volatility indicators are down 4 notches and the earlier
gains in getting more positive have pulled a little more to the negative side.
Interim supports are at 1175, 1166 & 1161.50 with minor
supports at 1168.70, 1161.50 & 1156.30.
Interim resistances are at 1186.50, 1192.50 & 1199 with
minor resistances at 1183.50, 1189.60 & 1197.
The daily/weekly trend changer points are at
1146.70/1217.70.
I will be away and only back on 23 Jan so stay safe.
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