Just having returned from a business trip, it is certainly
nice to see gold pushing higher now.
2 weeks ago, had gold closed below the 1190’s
at the week’s closing, would have meant a different course entirely as a major
indicator would have been confirmed cutting lower, but luckily it didn’t.
However, gold is not out of the woods yet and it remains a challenge to continually
try to keep its head above the water unless it somehow manages to pull above
the 1320’s and that will set gold in a new range.
In the daily charts the short term directional
indicators are pushing into the overbought zone right now.
It must give its all
so that the inertia will not be killed by its inability to test higher and
pulled back by gravity.
The medium term directional indicators are cleanly off
the parity line, pushing higher, and if faltering does not happen, could send
gold to test at least 1285 and the trend will be sustainable for another 2
weeks.
The long term directional indicators have confirmed that possibly a new
uptrend might be in the making.
However, any moves up is careening off the
upper rung that could severely impede its march forward and, that in itself,
could quickly deflate the built up bravado for this move.
The
momentum/volatility indicators are not at levels that will turn the market into
a favourite anytime soon.
Luckily it is still young and building up the buzz and
any semblance of making it a darling, is at least 3 to 4 days, if it happens.
The positive bias is holding on and trying not to give back gains it made by
holding it steady.
Interim supports are at 1244, 1235 & 1227 with minor
supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1253.50, 1261 & 1266 with
minor resistances at 1268.30, 1272.70 & 1277.30.
The daily/weekly trend changer points are at
1204.70/1194.30.
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