In the daily charts, the short term directional indicators
are attempting to push it back under the overbought region but with some news,
it averted the inevitable for now and pulled itself higher again.
So the
closing for the week is all important and closing nearer the highs would ensure
that we have a fair chance of poking higher still next week.
As it is, being
where it is now, is like in low oxygen altitude and the going gets twice
tougher and having a lower close, especially below the 1260 could send it for
some correction and if not carefully handled, a medium term correction.
The
medium term trending indicators levelled off in Asian hours and in the midst of
trying to undo the slight weakness seen to straighten itself to try to at least
match the previous peak.
Having said that, the recovery is been a decent one. So no lost love if it decides that the
recovery is sufficient and decides to turn tail from here.
The long term
directional indicators are pulling further from the channel as the direction
solidified slightly more but has gold pushing right at the top of the channel.
This is a little frustrating as the gains are painstakingly slow and a cause of
uneasiness.
The momentum/volatility indicators are just creeping higher by a
couple of notches and a bit hard to ignite into a fervent state.
The positive
bias remains mostly unchanged at the moment and might keep gold from falling
too low.
Interim supports are at 1252, 1247.50 & 1236.50 and
minor supports at 1254.80, 1239.30 & 1228.
Interim resistances are at 1271, 1288 & 1309 and minor
resistances are at 1272.70, 1278.30 & 1291.40.
The daily/weekly trend changer points are at 1237.40/1287.15.
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