In the daily charts, the short term directional indicators
are just a hair’s breadth away from pushing into the overbought region and
haven’t taken the time to catch a breather yet.
At the rate it is climbing,
probably by today’s closing it would have broken through.
So hopefully, we get
a good run up on this rally.
The medium term trending indicators are still
ascending beautifully and if providence is in its favour, might just see gold
trying as high as 1235 in the next week as it is well above the parity line now
and likely to challenge the prior peak.
The long term directional indicators
are turning up nicely as well and could see this rally pushing higher, if not,
at least keeping to the higher side of recent ranges, for at least another 2
weeks more.
The momentum/volatility indicators are still two notches turning
the warm market into a hot market, stubbornly refusing to push into the hot
zone.
At the same time, it is pushing further into the positive territory.
Interim supports are at 1171.50, 1157.50 & 1152 with
minor supports at 1168.70, 1161.50 & 1156.30.
Interim resistances are at 1181, 1192 & 1212 with minor
resistances at 1280.40, 1291.40 & 1305.90.
The daily/weekly trend changer points are at
1135.60/1233.25.
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