In the daily charts, the short term directional indicators
are nearing the 74% level now and with one arm successfully already in the
overbought zone ad clinging tenaciously while waiting for the other to also
come into the zone and hopefully that is when the fun begins.
However the
idling gold, that is, no new highs were made, is not an encouraging scenario
for gold to run excessively, even if the indicators confirmed both arms are in
the zone, unless per chance, something major had occurred.
The medium term
trending indicators are taking on the parity line like catching the bull by its
horns, a formidable task as it tries to gore its way through the line but so
far.
No weakness and fatigue
seen so far and gold could be set to test back to at least 1275.
So far only
half of it has crossed the parity line while the other half is still pushing
higher and maybe a day away from attempting it.
If nothing unforeseen happens,
then the parity line should be easily conquered.
The long term directional indicators
are almost cutting below the lower channel and having a kissy time and needs
gold to close above 1248 at today’s closing, to confirm the cutting below.
The
only minus is, gold is already pushing on the top channel and a great
discourager for fresh buyers as, the market be over just as they created their
position and they get whipped in the noisy market.
The momentum/volatility indicators
declined so quickly that it is just mere seconds from hitting the bottom.
The
positive bias retracted earlier on in the day but started widening up a little again
after the early fixing as it tries to set the bias in cement, so we can get
more distance in this run up.
Interim supports are at 1233.50, 1227.50 & 1214 and
minor supports at 1228, 1219.40 & 1212.60.
Interim resistances are at 1246.50, 1249.50 & 1288.50
and minor resistances are at 1242, 1251.70 & 1268.30.
The daily/weekly trend changer points are at 1208.55/1290.60.
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