I was having net issues yesterday and only just fixed it.
So, there it goes, in the daily charts, the short term directional indicators
have pushed right into the overbought zone.
It has to make the best out of this
effort or risk having the move crumbling upon itself the minute it starts
wavering.
If it decides to continue running higher, then, at the earliest, it will
be 3 more days before it smacks right into the ceiling and the going will get
tough as every new high will be labourious after that.
The medium term trending
indicators are doing very well as it took out the parity line with ease and it
could be another week before it nears the peak of the previous high.
From where
it is now, the move looks sustainable for at least 1 more week and 1290 could
be targeted.
So new highs must be made constantly and not drift too low at the closing,
in order for the indicator to continue looking positive.
Lo and behold, the
long term directional indicators are cutting below the channel and upwards
bearing.
The only negative is that, gold is already hitting the top of the
channel which could impede gold from rushing up too quickly and a good thing
that the confirmation is freshly etched, meaning that gold could remain buoyant
for at least a week or two.
The momentum/volatility indicators dribbled to
almost zero but recovered by 3 notches since.
It will be good if it were able
to continue building up on it and push back into the hot zone and give the shorters,
a run for their lives.
The positive bias is growing just a little wider and has
not yet opened a formidable lead. So in the face of adverse news, the bias
could easily crumble back down and turned the other way.
Interim supports are at 1246.50, 1242 & 1235 and minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1255, 1289 & 1307 and minor
resistances are at 1268.30, 1277 & 1280.30.
The daily/weekly trend changer points are at 1213.65/1290.60.
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