In the daily charts, the short term directional indicators have
pushed back above the oversold region and should be making the shorters sit up
right now and take notice, and maybe head for cover.
If it plays out well and
gold having a corresponding move, could see gold pushing back to at least 1285.
However, it must move swiftly or else the move crumbles into itself and ebbs
away.
The medium term trending indicators have confirmed cutting up now and
this makes for an interesting over the next 2 weeks.
As it is freshly
confirmed, could see gold remain on the firmer side till the indicators hit the
parity line and might fumble at parity line and push right through when the
opposition are eliminated.
The long term directional indicators are almost colliding
into the channel with the channel now bearing higher.
Gold needs to close
higher at least 1259 in order to have a decent chance of confirming a new trend
emerging.
The momentum/volatility indicators are doubling up from the previous
session’s levels.
However, it is still not yet at levels, where the market can
get a sustained move and turbulence should be prudently expected, so buckle in
for a bumpy ride.
The bias has now
shifted to the positive side and the gap is growing as it is moving deeper into
the positive side.
Maybe we have a chance to test at least till 1300 on this
run up.
Interim supports are at 1250, 1237.50 & 1235 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1258, 1267 & 1289 with minor
resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1240.75/1217.05.
p.s. The daily trend changer point was triggered so
underpins the market.
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