In the daily charts, the short term directional indicators have
somehow managed to cut back up again and repelling the momentary weakness seen
now and then, like the rain sliding off a silicone glazed windscreen, like
magic.
At the moment it lays just around the 55% mark and ready to lunge
higher, in case the market favoured having a push in that direction.
It will
have manageable space to push just a tad higher, maybe even surpassing the
recent high by a bit.
Even if it didn’t rush higher, it could cause gold to
remain above the 1250’s with 1260 the choke level until some news moves the
markets in a big way.
The medium term trending indicators have lost its nerve
early and resumed a softer stance for now.
It was difficult to challenge the
previous peak without looking like a divergence forming.
Even with this last
move, a tiny divergence is there for the trained eye.
Whether the market capitalize
on it is another matter.
The long term directional indicators are in pause mode
at the moment as it is not in the channel and would need gold to close above
the 1265 before it starts looking positive again and fresh interest will
develop and possibly pushing the market quite a bit higher.
However, reining in
the market is the to of the channel which is around 1263 today.
The momentum/volatility
indicators are horribly at low levels, not enough to spark anything within this
week on its own.
If at all, it needs some catalyst in order to get it going.
The positive bias started opening up a little again as the market remains
aimless, flitting from one end to the other end without real purpose or target.
Interim supports are at 1251, 1244 & 1236 with minor
supports at 1239.40, 1228 & 1218.40.
Interim resistances are at 1259, 1267 & 1290 with minor
resistances at 1268.30, 1277.30 & 1291.40
The daily/weekly trend changer points are at 1243.35/1204.85.
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