At the eleventh hour, my trip was another by a few days more
in order to fit in all the clients.
Having just landed only a speedy commentary
is made for today.
In the daily charts the short term directional indicators
have only just knocked on the overbought zone and trying hard to push past it.
If at the closing it does that, gold will have a decent chance to probe till at
least 1290.
The medium term trending indicators are now well above the parity
line, coming up from below in a clean smooth line and no signs of waning yet.
This will keep gold buoyant for at least till the end of the week and it is a
little difficult to push buoys underwater as it just keeps pushing back above
the surface somehow or other.
The long
term directional indicators have a confirmed cutting from beneath the channel and
poised for gearing higher.
As the cutting is still fresh, it is like a sapling,
needs at least a couple of days to settle and solidify the signal.
If this new
trend is acted upon, maybe we have a chance for gold to test above the 1300 as
the indicator is setting out right near the bottom with lots of room to push
upwards, that is, if all else are in sync.
The momentum/volatility indicators are not at urgent
levels and participants maybe slow to jump in too soon.
Those that missed the
boat may prefer to wait it out unless it goes up by at least 3 more notches.
The positive bias continues widening and should likely be able to buffet gold
to secure at least the 1250 for the week, even if some profit takers started
selling.
Interim supports are at 1256.50, 1250.50 & 1244.50 with
minor supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1272.50, 1290.50 & 1295.50
with minor resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at
1228.40/1287.75.
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