Gold was eventful the past week and a half thanks to the super
powers daring each other on the nuclear front saw gold rise to a high above the
1290’s.
However, just as the verbal jostling abated, so gold slumped back as
well.
In the daily charts, the short term directional indicators are not
looking well despite the nice attempt at trying to conquer the 1300’s as a
three humped divergence has now formed and also cut downwards, below the
overbought region.
If considering nothing but this indicator alone, then, gold
is doomed to be thrown but to the pits from whence it climbed from.
However in
reality, all factors and fundamentals have to be fully considered in order for
planning your trades.
The medium term trending indicators are also showing a
divergence but only a 2 humped one and freshly minted.
In the nearer term, gold
will likely try to head for 1230’s at the least for now and if speedily done,
then 1200’s further out.
So please watch out for any new nuclear rumblings
which might distort the prices again.
The long term directional indicators needs
gold to be closing at 1268 and below in order to confirm negation of the
current direction as at the last, it was at a kissing posture, that is, waiting
to be or not to be confirmed, depending on the closing.
The momentum/volatility
indicators are suggesting that the market is slow moving and maybe not able to
get to an agitated state for now, so extreme moves will not be apparent.
The
positive bias still remains open widely and probably will not be compromised
this week.
To bring the 2 poles together, could probably need gold to be
closing at least 1245 or lower in order to have a near enough chance.
Interim supports are at 1262, 1255 & 1249.50 and minor
supports at 1265, 1260.60 & 1256.50.
Interim resistances are at 1272.50, 1288.50 & 1295 and
minor resistances are at 1277.30, 1291.40 & 1305.90.
The daily/weekly trend changer points are at 1259.15/1206.20.
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