In the daily charts, the short term directional indicators
are trying so hard to effect a turning here and also push back into the
overbought region but the act is not successfully done yet.
In today’s trading,
it is a must for gold to push above at least 1290’s or else it dooms itself to
be pushed back towards the 1270’s for now.
So keep the news rolling so that it
becomes the wind in the sail to bring gold higher.
The medium term trending indicators are much closer
at trying to effect a cut back above towards the higher side but just when it’s
almost a done deal, it just fell short, it didn’t have that last bit of burst
to carry it over the line.
So as
speedily as it ascended, it could as quickly descend now so let’s hope it isn’t
so.
The long term directional indicators are stubbornly refusing to converge
and kow tow to all the shorter indicators and still managing to hold its on and
even helping gold to remain a lot longer nearer the higher end.
This is
evidently seen from the previous session when the kiss of death was on it but
somehow it managed to wriggle free and pull away again to maintain the upper
hand and in control so the direction is still alive, but by only a small margin.
The momentum/volatility indicators are just inching a little higher and no
fanfare yet.
It will take a lot more doing in order to get it piping hot. Maybe
a push above the 1300’s could set it ablaze and hopefully, fresh fuel to the
fire.
The positive bias opened up a little wider since yesterday and the gap is
really wide and needs gold to be whacked hard to close at least below 1250’s,
in one swift motion, to totally eradicate and turn it negative.
Interim supports are at 1278.50, 1265.50 & 1259.50 and
minor supports at 1282.50, 1278 & 1270.60.
Interim resistances are at 1291.50, 1299 & 1302.50 and
minor resistances are at 1291.40, 1305.90 & 1309.90.
The daily/weekly trend changer points are at 1261.10/1206.20.
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