Trading volumes on the Dubai Gold & Commodities Exchange (DGCX) witnessed a new daily trading record on Tuesday, July 26, leading the Exchange to record its highest ever daily volume of 176,645 contracts valued at USD 3.6 Bn.
The new daily volume record surpasses the previous high of 150,570 contracts registered on June 24, 2016, recording an increase of 17%.
More importantly, the Exchange also recorded the highest daily Open Interest (OI) of 344,610 contracts valued at USD 6 Bn.
Gaurang Desai, CEO of DGCX, said; “We are delighted to see the Exchange set this record as it affirms that our market participants are confident with taking positions and managing their risk efficiently and effectively on the DGCX platform, especially when the markets are surrounded by uncertainty influenced by geo-economic developments.”
Gold closed up 4.390 at 1,343.810. Volume was 8,900% above average (trending) and Bollinger Bands were 30% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,328.40 1,293.11 1,198.46
Volatility: 15 21 20
Volume: 1,321 264 66
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
PREC.M.XAU= is currently 12.1% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect very strong flows of volume into XAU= (bullish). Our trend forecasting oscillators are currently bearish on XAU= and have had this outlook for the last 3 periods.