In the daily charts, the short term directional indicators
are trying to keep from dribbling lower and in fact an attempt to turn the
indicators back higher is in progress and have recovered back to the 75% levels
with it being slightly pointing upwards.
However, it has not cut back higher
and therefore, remains unconfirmed at the moment.
It needs gold to rise back to
at least 1265 and close there in order to have a chance to confirm it.
However
there is another issue, it is already so close to the overbought region and
even if it could turn higher, will it have enough stamina to push it all the
way through to 1300’s?
The medium term trending indicators have pulled itself
out of a tailspin and looking as if nothing happened except for a slight
levelling off of the indicator.
If it catches some tailwind, it could challenge
the previous peak and send gold testing at least, the previous high.
The long
term directional indicators have solidified now and are opening up the gap from
the channel making gold looking very firm and poised for a good push higher, if
no fresh selling comes into the market.
Gold will then be able to climb higher easily,
in tandem with the indicators, just like cutting butter with a hot knife.
The
momentum/volatility indicators are still not exciting at the moment although it
had gone up by half a notch.
It will be days before it can build up sufficient momentum
to garner fresh interest, if at all.
The positive bias stopped losing and
regain some ground, but by the smallest increment.
Interim supports are at 1251.50, 1245.50 & 1238.50 with
minor supports at 1254.80, 1239.30 & 1228.
Interim resistances are at 1271, 1290 & 1295.50 with
minor resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at
1234.05/1287.75.
Note: Gold is trapped between the daily/weekly trend changer
points and breaking of the weekly will be ten-fold more exciting than if the
daily were broken.
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