Live Trading News
Live Financial News
  • facebook
  • twitter
  • google_plus
  • Email

Gold 1 OZ (XAU=X) Mixed Signals on Metastock Charts

By HEFFX on December 1, 2020

$XAU #Gold #Commodities #FX #Trading #Markets #Affiliate

Trade Smarter with Knightsbridge Live

Gold
Ticker: XAU=
Price: $1814.01

Gold News

Gold and silver futures prices are sharply up in midday U.S. trading Tuesday. Heavy short covering in the futures market and perceived bargain buying in the cash market are featured today, following recent solid losses that pushed gold to a five-month low and silver to a nine-week low on Monday. However, the bulls have some more heavy lifting to do to begin to suggest that near-term price uptrends can be sustained and that near-term market bottoms are in place. February gold futures were last up $36.00 at $1,817.00 and March Comex silver was last up $1.427 at $24.03 an ounce.

The metals markets may be seeing some support on news the U.S. Congress is working on a big financial stimulus package for Americans. However, such efforts have proven futile the past couple months.

A solid drop in the U.S. dollar index to a 2.5-year low today is also working in favor of the metals market bulls.

Global stock markets were mixed to higher overnight. U.S. stock indexes are higher at midday. There remains little risk aversion in the marketplace on this first day of December, amid global stock market rallies that see the U.S. stock indexes at or near record highs.

One feature in the marketplace recently has been soaring Bitcoin prices, which this week hit a record high near $20,000. Some are proclaiming Bitcoin is the new safe-haven gold. When it comes to Bitcoin’s concept, some say they get it and some say they don’t get it. Only time will tell which camp is correct. Overall markets history does suggest the extreme daily price moves in Bitcoin are indicative of a market that is near a major top. As for gold, reports say the yellow metal has seen three straight weeks of gold-backed ETF outflows.

The other important outside market sees January Nymex crude oil futures prices weaker and trading around $44.75 a barrel. The OPEC oil cartel is meeting this week and will be discussing keeping its present production cuts. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.85%.

Join Knightsbridge Live affiliate program and for every referral, you earn a bonus of up to $20,000 plus free trades. The best way to earn extra income!

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 1,867.16.

The projected upper bound is: 1,878.15.

The projected lower bound is: 1,746.56.

The projected closing price is: 1,812.35.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend (which appears to be the case with PREC.M.XAU=). It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend, it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 33.5962. This is not an overbought or oversold reading. The last signal was a buy 0 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 40.28. This is not a topping or bottoming area. However, the RSI just crossed above 30 from a bottoming formation. This is a bullish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 0 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -75. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 14 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed up 37.038 at 1,814.057. Volume was 8,900% above average (trending) and Bollinger Bands were 35% wider than normal.

Open       High       Low        Close       Volume
1,776.400  1,817.200  1,774.850  1,814.057   102,062
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           1,824.77      1,880.77      1,800.41
Volatility:      20            22            25
Volume:          10,206        2,041         510

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.

Summary

PREC.M.XAU= is currently 0.8% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods.

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 10 periods.

  #best fx account, #best fx company, #best trading platform, #daily stock brief Heffx, #GOLD 1 OZ, #gold forecast, #gold market, #gold news, #gold price, #gold price forecast, #gold technical analysis, #gold weekly forecast, #Make money trading with Heffx, #morning call with Heffx, #open an account fx, #shayne heffernan, #Shayne Heffernan well known economist Asia, #trade like Shayne Heffernan, #trading, #xau price, #XAU=X

Gold 1 OZ (XAU=X) Mixed Signals on Metastock Charts added by HEFFX on December 1, 2020
View all posts by HEFFX →

The following two tabs change content below.
  • Bio
  • Latest Posts

HEFFX

HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

Latest posts by HEFFX (see all)

  • Tesla Is Hiring Someone To Defend Elon Musk And Fend Off Attacks By Twitter Trolls - January 20, 2021
  • PayPal Will Continue To Profit From A Huge Increase In Volume And Accounts - January 20, 2021
  • Google’s Ethical AI Division Investigating Sharing of Sensitive Documents - January 20, 2021

Related posts:

  1. Gold Price in Crucial Area
  2. Gold 1 OZ (XAU=X) Buy On Dip
#best fx account#best fx company#best trading platform#daily stock brief Heffx#GOLD 1 OZ#gold forecast#gold market#gold news#gold price#gold price forecast#gold technical analysis#gold weekly forecast#Make money trading with Heffx#morning call with Heffx#open an account fx#shayne heffernan#Shayne Heffernan well known economist Asia#trade like Shayne Heffernan#trading#xau price#XAU=X
  • Gold
  • Headline News
  • Investments
  • Metals
  • Shayne Heffernan
  • Shayne Heffernan
  • Top Stories
Share
Related Posts

Sitting on a Cash Pile 10.0? Lots of People are Going to Fly Again Soon

Wall Street’s Key Stock Analysts Research Report, All Buys

Thursday’s World Stock Markets: Asia-Pacific

China is Much More Confident Now

The “American Rescue Plan”, Who Gets What, When…

Mr. Biden’s Aid/Relief/Stimulus’ and the Global Financial Markets

Gold is the Proven Inflation Hedge

  • About US
  • Calendar
  • Contact Us
    • Contributors
    • Privacy Policy
  • Free Trial
  • IR
  • Live Charts
View Desktop Version