I copied the weekly charts instead of the daily so here goes
anyway.
In the weekly charts, the short term directional indicators careened on
the overbought zone and turning back down now.
However, it has not crossed over
and remains unconfirmed at the moment.
The confirmation will come in about 2
week’s time, if at all, but needs gold to be nearer to the 1200’s in order to
do so.
The medium term trending indicators are bullish but maybe peaking as the
gap is narrowing between the 2 lines.
If it confirms cutting down, could send
gold spiralling to 1100 if it manages to get a good run on the signal
generated.
The long term directional indicators are beginning to level off a
little but still far from being negated at the moment.
However, if gold closes
below 1230’s, the direction will be negated and consolidation could ensue.
The
momentum/volatility indicators are pathetic and remain totally uninspired.
So
unless there are some major occurrences, gold is unlikely to swing too wildly
and ranges tight.
The positive bias is slowly ebbing as the gap gets narrower
gently but is still far from being over.
Interim supports are at 1257.50, 1249.50 & 1241.50 with
minor supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1270.50, 1274.50 & 1291 with
minor resistances at 1272.70, 1278.30 & 1291.40.
The daily/weekly trend changer points are at
1289.60/1238.45.
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