In the daily charts, the short term direction indicators
have made a u-turn from its earlier path and started pointing northerly.
However, the negative bias has not yet been cancelled as they have not crossed over,
one over the other.
It could just be a blip
in the gold price as it continues to try to worm its way back higher.
The
medium term trending indicators have levelled even more today as gold lingers
above 1230’s.
The fierceness of the slope is decreasing and needs gold to close
above 1250 before it is near enough to change the trend.
The long term
directional indicators have just cancelled the positive bias, and usually after
the direction are obliterated, it goes into a consolidative phase and
hopefully, it doesn’t last more than 2 week this time, if at all.
The momentum/volatility
indicators are losing ground steadily as it recede quickly back lower.
It has
lost almost 50% advantages, as gold continues to contend with the recent range.
Pushing too high or too low will not be an easy task as the zip is quickly
evaporating.
The positive bias has started opening up again in the early Asian session
and has helped gold to latch on the early gains and enabled it to just play
around the 1240’s level.
It was
overheard in the market, the stops are being line above the 1250 and if that’s
tested, could be just what the market needs to speed it to 1300’s.
At the lower
side, a closing below 1218 dooms it to rush it to 1200.
Interim supports are at 1232.50, 1227.50 & 1223.50 with
minor supports at 1228, 1218.40 & 1212.60.
Interim resistances are at 1241.50, 1260.50 & 1287.50
with minor supports at 1238, 1242 & 1251.70.
The daily/weekly trend changer points are at
1216.40/1142.75.
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