In the daily charts, the short term directional indicators
have softened to the 35% level now and not far off from the oversold region.
However, gold did not manage to have a break through at the 1260’s and close
below that.
So gold is in a recovery mode since the opening bell till now and even
climbed back up, above the 1270’s.
If gold manages to close above the 1275’s,
it has a good chance to effect a cutting and crossing over and give rise to a
stronger retracement after that.
The medium term trending indicators are just a
day away from challenging the parity line and some leveling off is getting
noticeable but not in danger of cutting across and back higher this 2 days.
The
long term directional indicators are smack right in the middle of the channel
and creeping just a little nearer to the top of the channel but still not near
enough to pose a threat of cutting above it right now.
Gold became tired
pushing at the lower boundary as it was only pushing on the lower channel line
and unable to overshoot it, and have now bounced up for taking a breather,
after unsuccessfully attempting the lower channel.
How it plays out from here is anybody’s guess
but if it resumes seeking lower lows, then that will tip gold over and could
see gold continue to be on the softer side for at least 2 weeks.
It could also
continue be caught in a range till some geopolitical news start coming out and
thereby, aid it to break the status quo.
The momentum/volatility indicators are
just maintaining their levels in complacency and the positive bias have
remained constant.
It leveled off and refuses to cross over despite the gap
being at its tiniest gap seen in the past month.
Interim supports are at 1270, 1261.50 & 1256 with minor
supports at 1270.60, 1265 & 1260.60.
Interim resistances are at 1291.50, 1295 & 1298 with
minor resistances at 1278.30, 1280.40 & 1291.40.
The daily/weekly trend changer points are at
1289.70/1215.45.
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