In the daily charts, the short term directional indicators
are creeping back higher to around the 40% level now.
At the moment, there has
not been any weakness or waning seen yet and gold may yet push towards the 1250’s
level before the indicator reaches the overbought region.
The medium term
trending indicators turned back higher last week and confirmed cutting back
higher 2 sessions earlier.
Coming back up from a very low level, if it plays to
its full potential, could have gold pushing towards 1260’s later on.
The long
term directional indicators are close to having the down trend being cancelled
after a steep descent.
It will need gold closing at least 1238 and the
indicator will go back into the channel and the signal cancelled.
The
momentum/volatility indicators are down many notches as the market worked off
the selling previously seen and are now at levels that are not excitable as the
market is going through a transition and will be difficult to be running too
far away too soon or too quickly.
It now needs extra encouragement or stimulus
to wake it from its stupor.
The negative bias pulled nearer and smaller but is
not in danger of being converted in the next couple of days.
However, usually
Friday’s trading remains a little more unpredictable.
Interim supports are at 1226, 1217.50 & 1211 with minor
supports at 1228, 1219.40 & 1212.60.
Interim resistances are at 1235, 1243.50 & 1252.50 with
minor resistances at 1238, 1242 & 1251.70.
The daily/weekly trend changer points are at
1214.25/1290.80.
Note: Mib is only back or 2 days before going for another
trip. So the next update will be next Monday.
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