In the daily charts, the short term directional indicators
are still stubbornly refusing to push any higher despite the gold clearing the
1290’s and also not yet cutting up.
So at least it is holding steady and needs
gold to close around 1299 level or higher before it can cut and turn back
higher and try to push back into the overbought region.
The medium term trending
indicators are more successful and have confirmed turning back up and
northwards bearing.
However, it must certainly push past the previous peak and
in quick succession or else it might doom itself into confirming yet another
divergence here should it ease back from here.
The long term directional
indicators are again opening up the gap between the channel and the indicator with
the top of the channel crippling the push for gold to run even higher as it is
now banging at the top around the 1298 level.
So bring on more news to help
gold to push past these levels so that the channel starts widening again and
more headroom above.
The momentum/volatility indicators surged slight overnight
and just about 3 notches from turning hot and shooting past 1300 ought to do
the trick and that in itself, could bring fresh impetus into the market and
carry gold sailing past 1308, the previous high, and head towards 1321.50 being
the target.
The positive bias looks really entrenched will be hard to be
unseated for now and could stay the market looking thus for at least another
week.
Interim supports are at 1282, 1267.50 & 1261.50 and
minor supports at 1282.50, 1278 & 1270.60.
Interim resistances are at 1295, 1306 & 1323.50 and
minor resistances are at 1305.90, 1309.90 & 1316.
The daily/weekly/monthly trend changer points are at 1262.95/1206.20/1301.60.
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