In the daily charts the short term directional indicators
have risen back to the 50% mark now.
Carrying gold on its back, gold has
benefited and climbed higher but a pity, not in rhythm with the indicators.
For
now, this indicator looks keen to at least trying the overbought region and this
could mean gold testing back to the 1260’s at the least.
The medium term trending
indicators are really pulling up very quickly and recovered by more than 50%
back towards the parity line.
If it doesn’t slow down the rate of ascent, we
could be trying the parity line as early as Wednesday and that might translate
to gold level of around 1252 where a closing above this level, signals that
gold will likely be spending more time nearer the highs preceding that.
Gold
must close above 1235 today in order to speed it higher for the rest of the
week.
The long term directional indicators were negated at Friday’s closing and
gold will need to find its own for a little while till the new direction emerges.
If gold continues climbing will help in the new direction emerge more quickly
and it side winds, then it will drag on for a prolonged period.
The
momentum/volatility indicators are driven lower as short-covering on the back
of the rising prices are helping remove volatility quickly.
The negative bias
pulled a lot nearer and a good possibility that the bias could turn back to the
positive side this week.
In order to do that, gold needs to move quickly higher
but even 1260’s might not do the trick if it turned out to be slow moving.
Interim supports are at 1226.50, 1221 & 1213 and minor
supports at 1228.80, 1219.4 0 & 1212.60.
Interim resistances are at 1239, 1243 & 1248 and minor
resistances are at 1238, 1251.70 & 1268.30.
The daily/weekly trend changer points are at 1205.00/1290.60.
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