In the daily charts, the short term directional indicators
curtailed pushing lower and are in a holding pattern just as it nears the 50%
level.
If it stopped pushing lower, then there is a fair chance the indicator
could manoeuvre a about turn from here, which is a lot better then turning
around when it was around the 70% mark translating into having more space to
test higher than the latter.
However, the closing is crucial determinant where
it will head the earlier part of next week.
If it closes above 1294, then 1300
could be tested and conquered but if it closed below 1280, then it had failed
in the attempt.
The medium term trending indicators are not yet convinced and
continue to look pressured and needs gold to test and close above 1300 in order
to wipe the disbelief clean away and turn it back upwards.
The long term
directional indicators are very near to the channel which have flattened its
trajectory and could be easily pierce back into the channel if gold pushes and
closes below the 1277 level, putting an end to the direction and set in motion
some cooling off time.
The momentum/volatility indicators are still maintaining
without gain or losses and not far from the red zone so it needs some help to
push it just a wee bit more and we see some good moves and new range set.
The
positive bias continues narrowing marginally but is still not in danger of
being cancelled as the gap is still too wide.
Interim supports are at 1285, 1274 & 1270 and minor
supports at 1282.50, 1278 & 1270.60.
Interim resistances are at 1295.50, 1309 & 1320.50 and
minor resistances are at 1291.40, 1305.90 & 1309.90.
The daily/weekly/monthly trend changer points are at 1275.85/1210/1301.60.
1 comment:
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