In the daily charts, the short term directional indicators
are back into the overbought zone as it somehow managed to pull itself back
into the zone and put itself back in contention.
However, holding and closing
above the 1260’s is key for more upside forays.
Slightly problematic situation
is that it is tending so near to the ceiling that, there might not be
sufficient space for it to continue pushing higher indefinitely unless gold
managed to closely daily above the 1260’s for a week but without new highs made,
then the indicator would have resynchronised and good for another stab higher
after that.
The medium term trending indicators shrugged off earlier weakness
since in the previous session and now looking right as rain again and could
possibly push towards the previous peak if gold led the way and pushed higher
still, possibly with 1280’s as the target.
The long term directional indicators
performed a fillip and now pushing against the top of the channel while the
indicator is again widening the gap to the bottom of the channel.
The channel
desperately needs to be widened or else, gold may continue flicking up and down
as it pleases, making it difficult to hold on to any position meaningfully,
unless one doesn’t mind being whipsaw.
The momentum/volatility indicators are
certainly erratic right now, languishing nearer to the lower end, and possibly,
easily manipulated as there are no thick wads of orders capping the market either
direction and still tens of rungs away from the hot zone.
The positive bias
held stiffly and started opening back wider over the previous session but not
too widely such that the bias will be difficult to be closed and reverse it if
the market favoured that.
Interim supports are at 1251, 1248.50 & 1238.50 and
minor supports at 1239.30, 1228 & 1219.40.
Interim resistances are at 1249, 1260 & 1289 and minor
resistances are at 1268.30, 1277.30 & 1280.40.
The daily/weekly trend changer points are at 1232.20/1287.15.
No comments:
Post a Comment