In the daily charts, the short term directional indicators
have pushed higher to around the 58% level now and continue bearing forcefully
higher but this does not hold gold in good stead.
There seems to be a
disconnect between the indicators and where the actual gold price really.
With the gold not complying, makes one wonder
if the indicators are merely just in the process of resynchronisation and that
could mean, that is gold does not head higher and close above 1260, it could
break the 1240 and close below that, before long, after the resynchronisation
is complete.
The medium term trending indicators are cautiously just pulling a
tad higher but have not started to climb aggressively.
It is still mish-mashing
itself, in a duel of wills until there is a clear lead, the path ahead lies in
uncertainty.
The long term directional indicators are getting comfortable in
the middle of the channel and maybe some time before it decides to break out of
it again with the quickest time frame, by next week’s closing, if it’s a slow
moving market.
The momentum/volatility
indicators remain at humming levels and no incentive to be taking longer term
positions, leaving only the range traders, to make some extra profit during
this time.
The positive bias are narrowing again today but not yet in danger of
being negated so gold even if it does not run higher, might just prefer to stay
slightly firmer.
However, by the week’s closing and 1260 is not conquered,
then, gold will likely start dripping back lower next week.
Interim supports are at 1248, 1239 & 1232.50 with minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1257, 1286 & 1289.50 with
minor resistances at 1268.30, 1277.30
& 1291.40.
The daily/weekly trend changer points are at 1258.35/1218.65.
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