Having been called away the past 2 weeks at the last minute,
I was not able to pre-warn of my absence.
Thanks to the many global rumblings egged gold higher and higher,
culminating with a high of almost 1360, not a bad effort at all.
As the market
rose steadily on the rumblings, the “legs” could easily go limp quickly once
the rumblings stop or if the perceived danger is deemed to have cooled off and
for now, and the only way for gold to prick the year’s high is for new
rumblings to emerge.
In the daily charts, the short term directional indicators
have performed below par even as gold tested so much higher, it did not manage
to surge past the previous peak and have now, turned back lower and bearing
down just below the overbought region and is long overdue for some correction
to take place.
The medium term trending indicators did shoot past the earlier
peaks comfortably by at least 50% but have now cut and turned down. Due to the
acute gradient, if no new catalysts come into play over the next 2 days, gold
could be thrashed heavily and 1320 could be impacted.
The long term directional
indicators are maintaining a huge gap to the bottom of the channel and gold
needs to trade till 1310 and close below that in order to negate the direction.
Seen currently, could be an early indication that the channel is trying to level
off but gold could likely try to hold the mid-range levels as long as it
possibly can in order for all the other indicators to re-synchronise itself
before deciding on its next move.
The momentum/volatility indicators are sharply
declining as it heads back lower but it is still in the hot zone so given the
correct incentive, it could easily reverse and another major move in the
offing.
The positive bias gap was narrowing the past 2 days but only
marginally.
Interim supports are at 1332.50, 1328.50 & 1308.50 with
minor supports at 1327.80, 1315.50 & 1303.60.
Interim resistances are at 1343, 1356.50 & 1359 with
minor resistances at 1338, 1352 & 1380.80.
The daily/weekly trend changer points are at 1330.95/1231.50.
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