Go Long Gold, Technical Update
Go Long Gold
Bollinger Bands are 53.44% narrower than normal. The narrow width of the bands suggests low volatility as compared to Gold’s normal range. Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term.
The bands have been in this narrow range for 2 period(s). The probability of a significant price move increases the longer the bands remain in this narrow range.
The recent price action around the bands compared to the action of the Relative Strength Index (RSI) does not suggest any trading opportunities at this time.
Our Strategy today if you decide to trade Gold, you may want to place a stop loss just above the up trendline, in case the breakout is premature.Volume on the day of the breakout was quite light. The most reliable breakouts are accompanied with increased volume. And with prices having only declined 0.92% since the breakout, the validity of the breakout is questionable. The most recently confirmed down trendline for Gold has an ending point currently at 1,710.13. Expect prices to have some difficulty rising above this trendline. A break above this trendline (particularly on heavy volume) would be a bullish sign.
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The current value for the 14 period RSI is 51.9483.
Crossovers
Currently the MACD for Gold is bullish since it is trading above its signal line.The MACD crossed above its signal line 10 period(s) ago. Since the MACD crossed its moving average, Gold’s price has increased 0.30% , and has ranged from a high of 1,694.700 to a low of 1,625.790.
Overbought/Oversold
The MACD is not in an Overbought/Oversold range.
Divergence
There have been no divergence signals within the last 5 periods.
Summary
The current market condition for Gold is:
Bullish
The close is currently Above it’s 200 period moving average.
The close is currently Below it’s 90 period moving average.
The close is currently Above it’s 30 period moving average.
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Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
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Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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