In the daily charts, the short term directional indicators
have dribbled to the 63% level and attempting make a reversal from here as one
of the indicators have levelled off and pulling higher but has not cut above
and crossed back positively yet.
If it is successful, it will be an interesting
play as the indicators have come sufficiently lower, thus creating the
necessary headroom space for itself, translating into a possibly meaningful
attempt to push above the 1300’s.
The medium term trending indicators were not
able to keep from showing weakness and failed in its attempt to keep from cutting
back higher but luckily the gap have not opened widely so, a reversal will be
easier to manage if that was desired.
However, if gold failed to keep above
1280’s for the week, gold could like drop back towards the 1250’s.
The long
term directional indicators are levelling even more today but luckily has not
started to slant downwards.
The gap between the indicators and the channel are
closing up a little from the previous session but since the channel is
levelling off, so gold is curtailed for now until the channel starts opening
and higher.
The momentum/volatility
indicators remain uninspiring as it came off by 3 notches just as it neared
treading into the hot zone but lost it resolve at the last minute.
The positive bias dwindled slightly but in no
way, in danger of it totally collapsing just yet.
For that to happen, will mean
gold has to trade and close below 1230 at today’s closing so the chance of
that, is too distant.
That being the case, these indicators will continue to
remain positive for some more time but do remember that there can be varying degrees
of positivity.
Interim supports are at 1282.50, 1273.50 & 1269.50 and
minor supports at 1282.50, 1278 & 1270.60.
Interim resistances are at 1293, 1308 & 1319.50 and
minor resistances are at 1291.40, 1305.90 & 1309.90.
The daily/weekly/monthly trend changer points are at 1268.75/1210/1301.60.
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