In the daily charts, the short term directional indicators have
cut and jointly pointing southwards now.
One of them has pushed through back
below the overbought zone and the other, about to follow very soon.
Depending
how it plays out will determine how much mileage we get out of this turning.
However, if more news are Trump’ed up, could swing the market either way.
The
medium term trending indicators are taking its sweet time to level off, reveling
in the rally of the past couple of days with a good push higher.
However, strategic
technical areas have not been captured and so, the early advantage could work
adversely upon itself and turn into a disadvantage if we do not get closing
above 1255 by the end of the week.
The
long term directional indicators are still banging hard on the upper rung and
it needs to open up more quickly so as to finally get a good shove higher.
Overall,
this indicator continues to remain positive and should remain positive till at
least, to the end of the week.
The momentum/volatility indicators are building
up by only a small margin and in the teasing zone.
You can never quite second
guess if the market is going to give it a good push or continue to remain
casual.
The positive bias retracted a little over the previous day but is still
deeply positive and will take gold to try the 1200’s before it is negated.
Interim supports are at 1254, 1243 & 1234 with minor
supports at 1254.80, 1239.40 & 1228.
Interim resistances are at 1260.50, 1264.50 & 1280 with
minor resistances at 1268.30, 1272.70 & 1277.30.
The daily/weekly trend changer points are at
1219.50/1196.80.
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