In the daily charts, the short term directional indicators
are starting to feel a little heavy with gold being unable to hold on to the
highs and closing higher the previous session.
There is a good chance, pending
the closing of today’s session, that, it could have cut for the lower and back
below the overbought region, and poised to start testing supports next week.
The
medium term trending indicators are levelling off and the gradient seems less
urgent today.
However, it will be days before it is able to close the gap
between the 2 indicators and crossed back over and into a downward slide.
All
is not lost if gold manages to force and close above, at least the 1255
tonight.
If that happened, that would eradicate the slightly pervasive mood now
being seen.
The long term directional indicators are still going strong but a
noticeable reduction in the width of the channel makes it a little worrisome.
It had kept banging the top side of the channel to get where it is now and
likely some fatigue is seeping in as pushing it higher is tiring work.
At the
moment, this still looks fine, so long as gold doesn’t trades and closes below 1232
in today’s session.
If that happened, gold could start to range for a little
while before a new direction emerges.
The momentum/volatility indicators are
downright depressing.
Even after creeping so much higher, it remains uninspired
and shackling gold from going too far away.
The positive bias is getting
narrower today but is still far from being turned in the near future.
It will
take slightly more effort before that can be accomplished.
Interim supports are at 1236.50, 1232 & 1226 with minor
supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1253.50, 1262.50 & 1288 with
minor resistances at 1268.30, 1272.70 & 1278.30.
The daily/weekly trend changer points are at
1209.50/1194.30.
p.s. Mib Agenti will be away and back next Wednesday.
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