In the daily charts, the short term directional indicators
are now pushing towards the 50% mark.
Under normal circumstances, gold should already
be pushing towards at least 1235 level or higher towards the week’s closing.
If
that’s achieved, then possibly we may see a yearning and rearing higher too
with the 1250’s in sight.
The medium term trending indicators are nicely following
in line with a steep angle of recovery.
This should help set gold up to head to
at least 1240 and if that is secured, then a run towards 1258.
The long term
directional indicators are just a day away from negated and all hinges on today’s
closing at 1230 or higher.
The momentum/volatility indicators are increasing again
and gone up 2 notches but still 2 days away from entering the hot zone.
The
negative bias narrowed by just a tad and brushing off the $10+ rally seen
earlier and not in danger of being push off the scale back into the positive
zone too soon.
It will take a lot more work before it finally succumbs and
slips away.
Interim supports are at 1221.50, 1212 & 1206 and minor
supports at 1224.10, 1215 & 1208.80.
Interim resistances are at 1230, 1241 & 1250.50 and
minor resistances are at 1231.40, 1238 & 1251.70.
The daily/weekly trend changer points are at 1233.85/1294.20.
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