In the daily charts, the short term directional indicators
are maintaining their stance despite so much effort to try to keep it on the
higher side.
However with a dearth of fresh news where itchy fingers might launch
nuclear war heads have calmed the markets, hearts and nerves too.
Without any
news of such proportion, makes it hard for the market to continue skirting near
to the 1300’s on its own. The only reason left for a push higher, will most
probably be trying to kill of the stops lingering just above the psychological
level.
The medium term trending indicators levelled off here and looks like in
the process of trying to engineer near a turning back higher but needs gold to
close above 1299 in order to guarantee its success.
However, it is looking very
crunched up right now and gold could be headed for a bashing if no more
geopolitical tensions and news plus stops start evaporating, above the 1300.
The
long term directional indicators are maintaining its trajectory but a levelling
off in the channel is seen, narrowing the gap between the indicators and the
channel.
The top of the channel severely restricts gold from exploring and
gaining ground above the 1298 and we new stimulus in order to send it cleanly
above the 1300.
The momentum/volatility indicators are just niggling around without
giving clear indication of good momentum coming through the market at the
moment so it makes for difficult trading with the market tending to give up
easily and head back the other direction just one you thought a clear path is
made.
The positive bias retracted only
just a little and gap between the 2 poles remain formidable and widely
stretched so there is no danger of the bias being negated in the next 2 to 3
days and likely to keep gold teetered nearer the 1290’s.
Interim supports are at 1283, 1272 & 1259 and minor
supports at 1282.50, 1278 & 1270.60.
Interim resistances are at 1293.50, 1308.50 & 1320.50
and minor resistances are at 1305.90, 1309.90 & 1316.
The daily/weekly/monthly trend changer points are at 1265.95/1210/1301.60.
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