In the daily charts, the short term directional indicators
are clashing at the top, just beneath the overbought region, with no clear
winner yet.
So it seems the traders are in caucus right now, both sides trying
to exert some force and see who comes out the victor.
By normal market
conditions, usually if no new highs were etched, this indicator would have
turned and usually be heading back lower, putting a little pressure on gold.
In
the medium term trending indicators have decided to meet today and noticeably,
one of the indicators has a distinct kink and trying to cut back below the other.
If that happened, then that will be the basis for pushing gold back lower.
To
the untrained eye, they may have already reacted but so long as the signal is
unconfirmed, it could easily resume its earlier path.
The long term directional
indicators upwards bias is narrowing plus a slight levelling off is seen.
However the lower band of the channel is at 1260’s and managing to keep gold
steady around here for the moment.
Gold needs a bigger shove plus a drop and
closing below 1250 before this indicator is nullified.
The momentum/volatility
indicators steadied overnight and just a breeze of a fresh impetus appeared and
it has gone just a notch higher.
The positive bias halted the decline and held
steady, opening its gain by just a little bit more today.
Interim supports are at 1260, 1255 & 1247 with minor
supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1270.50, 1291 & 1298.50 with
minor resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1246.10/1284.75.
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