In the daily charts, the short term directional indicators
are still managing to keep it from cutting down despite being also unable to
press it higher into the overbought zone.
It is like holding up a torch with one’s hand fully stretched out, surely it will get tired and once it’s completely drained, it could drop like a rock.
Maybe something is brewing beneath the surface and just waiting for the correct moment to spring into action, much like a predator waiting for its prey so that escape cannot happen.
The medium term trending indicators have almost touched each other and if gold closes 1255 level today, possible the cutting down for the lower will be confirmed by that.
So we are almost at the point where a new trend will be breaking out, or not?
It could also just be the market resynchronizing before pushing higher.
The long term directional indicators are still channeling upwards and both ends of the channel are well played.
Right at the top, the leveling off is slightly more prominent but gap at the bottom has resumed widening up a little.
The momentum/volatility indicators just holding on to recent gains but not increasing in the least.
The positive bias had a slight narrowing from the previous day but the gap is too wide to be force closed it this week.
It is like holding up a torch with one’s hand fully stretched out, surely it will get tired and once it’s completely drained, it could drop like a rock.
Maybe something is brewing beneath the surface and just waiting for the correct moment to spring into action, much like a predator waiting for its prey so that escape cannot happen.
The medium term trending indicators have almost touched each other and if gold closes 1255 level today, possible the cutting down for the lower will be confirmed by that.
So we are almost at the point where a new trend will be breaking out, or not?
It could also just be the market resynchronizing before pushing higher.
The long term directional indicators are still channeling upwards and both ends of the channel are well played.
Right at the top, the leveling off is slightly more prominent but gap at the bottom has resumed widening up a little.
The momentum/volatility indicators just holding on to recent gains but not increasing in the least.
The positive bias had a slight narrowing from the previous day but the gap is too wide to be force closed it this week.
Interim supports are at 1261.50, 1252 & 1234 with minor supports at 1260.60, 1254.80 & 1239.30.
Interim resistances are at 1272.50, 1291 & 1298.50 with minor resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1249.95/1284.75.
Get Gold Trading Chat (Android), excerpts from there
Get Gold Trading Chat (Android), excerpts from there
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