In the daily charts, the short term directional indicators
are touching the 60% mark now.
If you look keenly enough, it looks like the
market is attempting to hold it here and if it is successful, we could push
nearer the 1290’s by today’s and week’s closing.
If it managed to do that, that
will confirm that low is seen in the very short term.
The medium term trending
indicators continue bearing downwards with the gentlest of leveling off seen
here.
However, the gradient is formidable and the current trend will be
difficult to be overturned.
It needs gold to trade towards 1320 and close there
in order to force the market back into bull trend.
That in itself will present
its own danger as a divergence would have been formed and could force gold into
a deeper correction later on.
The long term directional indicators are closing
the gap quickly now but it’s still not confirmed and gone back into the
channel.
All the market needs to manipulate it is to keep it above the 1283 at
the closing and this indicator will continue looking good. It needs gold to
trade and close below 1268 before there is a chance that it goes back into the
channel and some consolidation would be in store.
The momentum/volatility
indicators started building up again overnight and hopefully, able to build it
to a tumultuous crescendo and see gold trading into a new range.
The positive
bias narrowed a little but still firmly in the positive territory. It will
definitely take some serious news to knock it out of contention.
Interim supports are at 1279.50, 1274.50 & 1255 with
minor supports at 1278, 1270.60 & 1267.20.
Interim resistances are at 1283.50, 1292 & 1296.50 with
minor resistances at 1291.40, 1305.90 & 1309.90.
The daily/weekly trend changer points are at
1265.20/1225.95.
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