I think all gold traders must be loving P. Trump right now.
He has provided the necessary catalyst time and time again, breathing life into
what could have been a mundane period right now and keeping gold burning bright.
In the daily charts, the short term directional indicators pushing nearer to
the 60% level now, and probably 2 to 3 days before it bangs into the overbought
region.
Seeing it ascended rather
quickly this day, could position gold to test to at least 1290 if it runs true.
The medium term trending indicators are still near the lower levels and still a
distance to the parity line which gives gold plenty of room to run higher, if
it chooses thus.
Even if it gotten hung up on the resistances later on, it
would keep nearer the higher end for at least another week or so, before the
effect of gravity lulls it back.
However,
if more negative stimulus do come out, then the move higher could well be
cancelled out quickly.
The long term directional indicators have obediently
gone back into the channel and at the earliest, would need a week’s time before
a new trend emerges, if at all.
The perky feeling could well evaporate as
quickly as it appeared if strong opposing news starts coming out.
The
momentum/volatility indicators are on the verge of a reversal but looks
disjointed to the current push higher and needs to quickly catch up.
If it
doesn’t, then it could weigh on the move up and like stones teetered to the
legs and pull it right back lower.
The bias has just cut and turned positive
but the closing is the determinant if it is a confirmed cutting or a false cut.
The closing needs to be at least 1255 in order to confirm the change over in
the bias (positive now).
Interim supports are at 1254, 1246 & 1243 with minor supports
at 1256.50, 1239.30 & 1228.
Interim resistances are at 1289, 1294 & 1335 with minor
resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1251.30/1290.80.
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