In the daily charts, the short term directional indicators
found within itself renewed drive and has in fact, overcame the earlier
weakness and fully recovered it’s earlier direction to being northward bearing.
However the only issue is, it is almost reaching the overbought region and once
it pushes into the zone, failure to continually see it higher would jeopardise
and threaten the current trend and before long, start to weigh down on itself.
The
medium term trending indicators are doing very nicely and with both appendages
pushing above the parity line now.
Hopefully convention takes over and we
should see gold testing back to at least 1200 levels nearer the end of the
week.
The long term directional indicators have confirmed cutting up but
remains a weak confirmation at the moment.
Hopefully the confirmation gets
stronger and we should see some attempts on the higher side and ought to keep
gold rooted nearer the higher side of recent ranges for at least 2 weeks.
The
momentum/volatility indicators are today looking on the verge of a bonfire
become a full fledge forest fire. It is just a couple of notches away from that
happening.
So hopefully we can finally get to see some fireworks soon compared
to the dreary market of the past few weeks.
The indicators are also peddling
deeper into the positive zone.
Interim supports are at 1156, 1148 & 1125.50 with minor
supports at 1161.50, 1156.30 & 1144.60.
Interim resistances are at 1171, 1173 & 1191 with minor
resistances at 1168.30, 1177.20 & 1184.50.
The daily/weekly trend changer points are at
1132.05/1233.25.
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