In the daily charts, the short term directional indicators
are pushing higher still and reaching the 60% mark now.
Since we have pushed above the 1220’s, the
closing if above 1220’s, usually indicates that the market will have some
chance of at least trying to 1248 levels.
So, having climbed so nice and if it fails to shore up the 1220’s, gold
could be forced to scale back lower to 1200’s levels.
The medium term trending
indicators have recovered at least 30% of the drop lower.
With lots of room (70%)
still left in its sail, could send gold speeding back to 1288 levels in the
medium term.
The long term directional indicators, at the earliest, are still
least a week anyway from a new trend emerging.
However, only by maintaining the
current direction will the new trend emerges.
Any slack or hesitation will put a dampener on
it happening sooner and enough drag is applied, it may even turn negative.
The
momentum/volatility indicators are not doing much and just holding steady and
ready but sometimes the move just doesn’t come as it have not gone into the red
zone.
The positive bias started increasing again today, growing just a little
more positive.
Interim supports are at 1215.20, 1210, & 1204 with minor
supports at 1218.40, 1212.60 & 1202.60.
Interim resistances are at 1225, 1233.50 & 1258.50 with
minor resistances at 1231.40, 1238 & 1240.70.
The daily/weekly trend changer points are at 1182/1128.05.
Get Gold Trading Chat (Android), excerpts from there
No comments:
Post a Comment