In the daily charts, the short term direction indicators are
speeding higher very nicely, without any hint of the $20 drop yesterday souring
it up, all brushed away, forgotten and forgiven now.
In fact, it is touching
the 40% mark up but without the actual gold price following keenly, it will
start looking heavy especially if the very recent high is not attempted
soon.
The medium term trending
indicators have cut up but it is a fresh cutting and the indicators are
crossing swords until there is a clear winner, which could be more pronounced
in 2 days’ time.
There is a slight slant that the market should be creeping
back higher as the indicators are cutting back across from a low level with
lots of room to maneuver higher, if it so desired.
The long term directional
indicators are almost negated and testing the top of the channel now and should
be pushing back into the channel and set gold up in consolidation for at least
a week.
The momentum/volatility
indicators eased back by 3 notches, sinking it to lower level and nothing short
of a major event, will bring it out of its stupor.
It is a little early but
gold seems to be getting set in the summer doldrums while it is still spring.
So hopefully gold will be awaken early, with nice big swings, thereby drawing
back the investors into the market and it turns itself into a self-fulfilling
prophecy.
The earlier weak positive bias was eradicated in yesterday’s move and
the negative bias started opening up again today but without sufficient strength,
trading will likely remain whippy.
Interim supports are at 1249, 1239 & 1233 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1259, 1286 & 1289.50 with
minor resistances at 1268.30, 1277.30 & 1291.40.
The daily/weekly trend changer points are at 1258.80/1218.65.
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