In the daily charts, the short term directional indicators
are trying to cut and push higher and around the 78% level now.
If gold slides
back to 1260, then it will not cut and next week might mark it out for a sell
off.
On the other hand if it manages to close above the 1270’s, then it will
confirm cutting back up, albeit just under the overbought region.
The medium
term trending indicators are resuming its move higher today and still quite
some distance from challenging the previous peak so I am just keeping my
fingers crossed that gold continues riding on this indicator higher.
The long
term directional indicators are looking really swell but gold is too near to
the top of the channel so this could hinder it running too high and too soon.
It needs to press really hard at the top in order to push through and then,
eked out fresh peaks to push the boundary higher thereby creating more space
for itself to test higher after that.
The momentum/volatility indicators are
pushing up by 3 notches but not enough to cause the market to break out into a
run yet.
It will need gold to continue pushing higher from today’s high by at
least $10 before it starts looking attractive and fresh buyers might be tempted
to jump in.
The positive bias is giving a strong improvement from yesterday’s
session and at its widest point this whole week.
Hopefully it makes something
out of this and not have gold drift back lower towards the closing.
Interim supports are at 1257, 1251.50 & 1247 with minor
supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1270, 1291 & 1296 with minor
resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at
1236.50/1287.75.
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