In the daily charts, with gold being unsuccessful securing
new highs, the short term directional indicators have cut across at the top and
likely to turn back and head lower soon.
At the moment it is still above the
overbought zone and the generated signal can be overturned if gold breaks above
1260 and closes above it.
The medium term trending indicators are seeing the
slightest hint of levelling off, but if gold secures the 1250’s and closing
above that, over the next 2 days, then it’s just some resynchronisation at the
moment and possibility we push towards the recent highs again.
The long term
directional indicators are still pointing northerly but the top of the channel
is slow in its ascent and this is impeding gold from rushing too high and too
quickly.
If there is too much pain to continue pushing higher, the market might
just tire itself out and start trying the other way once frustration sets in.
The momentum/volatility indicators are receding again by 2 notches and it can
clearly been seen in the price action and the tiny ranges, it’s torturous
trading under such conditions.
The positive bias are getting narrower again and
if there is a play to push it back to the other direction, then, it might
likely be able to ward off the attack for at least 2 days before it succumbs,
if at all.
For now, gold looks like it will continue in range bound trade while
it awaits the next major news to come.
Interim supports are at 1249, 1240.50 & 1236 and minor
supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1265, 1286.50 & 1289.50 and
minor resistances are at 1268.30, 1277 & 1280.30.
The daily/weekly trend changer points are at 1222.75/1287.15.
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