At the last minute, I was tasked to attend a seminar but
that’s over now so back to the grind.
In the daily charts, the short term
directional indicators needed a massive move before it could pierce through the
overbought region but it is too near the top.
Having pushed through, it must be
like the dam walls breaking and have a big initial rush of water flowing
outwards, but we are not seeing that here.
So it is a little worrying that if
it didn’t run then it could easily snap back just as quickly.
The medium term
trending indicators have almost equalized the earlier peak now with just about,
another 1 to 2 days’ run before the matches that.
However, there is nothing to
suggest any weakness just yet so gold could push to at least 1310 if all goes
smoothly.
The long term directional indicators are looking scarily solid and
trying break out above the channel, which is what is keeping gold in check
right now.
The top now is at 1296 and a closing above this is required to
confirm the break out but the running away must also happen or else it will be
swallowed back into the channel.
The momentum/volatility indicators are finally
at decent levels, at least one of them and if the other two quickly follow the
former, then gold will be excited enough to see a nice big push upwards.
The
positive bias had a small contraction overnight but is not in danger of being
overrun this week as it has by now, opened up a big lead.
Interim supports are at 1287, 1278 & 1265 with minor
supports at 1282.50, 1270.60 & 1260.60.
Interim resistances are at 1294, 1297.50 & 1310.50 with
minor resistances at 1305.90, 1309.90 & 1316.
The daily/weekly trend changer points are at
1266.05/1213.80.
Note: The weekly point was triggered earlier in the week and
could set gold up to remain firmer in the longer term.
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