In the daily charts, the short term directional indicators
are pulling back higher from the 50% mark and averaging around the 60% mark
now.
Just as the Asian markets opened, news of a US airstrike on a Syrian airbase
pushed the market up by more than $10 in about 10 minutes.
The really helped to
perk up the market and it has been days since the Asian traders got excited as
the past month was more like a yawn.
The medium term trending indicators are
not fully convinced of this up move and will only be satisfied if at the
closing, it was 1265 or higher.
With that, a confirmed cut is in the offing and
that may lead to gold pushing towards the 1290’s, our next target.
The long
term directional indicators are still enmeshed together, refusing to separate
for now.
Gold has to be trading at least 1270’s before they are able to clear
of each other and the recent upward bias, can be resumed.
Failure to do so,
would lead to fresh consolidation lasting at least 2 weeks.
The momentum/volatility
indicators are up 3 notches so far today, pushing it further out is like
skating on thin ice, that is, the foundation is not yet 100% solid and could
face a danger of the ice cracking and could easily give back the gains.
The
positive bias has grown a lot wider since yesterday and could give some boost
for gold to be testing just a tad higher but the momentum are not yet at levels
where the move sustainable.
Interim supports are at 1263.50, 1253.50 & 1244 with
minor supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1272, 1283 & 1291 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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