In the daily charts, the short term directional indicators
are putting on the brakes sharply and it is just slightly above the 50% mark
just as gold climbed back higher and test fresh highs.
Although it is trying to
cross back higher, only at the closing will determine if the attempt was
successful or not and needs gold to be at least 1255 or higher.
If it is sucked
back lower to below 1250’s then, the attempt will probably be deemed as failed
and double pressure on it for pushing back lower.
The medium term trending
indicators are also attempting a mid-air somersault as it is fighting strongly
against the current to go the other way now.
So the closing needs to be keenly
watch before planning the next steps to be taking.
The long term directional
indicators are mixed now just as it has now gone back into the channel.
Gold
has been stuck here for the past 2 to 3 weeks looks set to be stuck for at
least another week or 2 at the earliest.
So gold will like be range bound and
may not wander too far off from recent ranges, unless of course, there were
major events or news, giving the market a shakeup.
The momentum/volatility
indicators surprisingly are showing fresh interest in the market as it picked
up 3 notches from the previous session.
The positive bias started opening wider
again, with the bias deepening today.
Interim supports are at 1250, 1243.50 & 1238 with minor
supports at 1254.80, 1239.30 & 1228.
Interim resistances are at 1260, 1269 & 1290.50 with
minor resistances at 1268.30, 1277.30 & 1280.40.
The daily/weekly trend changer points are at
1239.10/1204.85.
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