Gold prices are moderately higher to begin the week, as the weekend break seems to have given global investors time to shake off some of last week’s doom and gloom, reflected in a mild rebound in risk appetite since markets reopened yesterday evening.
Equity markets are on the rise, with the major overseas indices in the green and US benchmarks having recently opened to gains of 1% and higher. This is alleviating a lot of last week’s pressure on the precious metals, with gold spot prices tipped back towards $1870/oz while silver’s chart is attempting to consolidate above $23.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1,967.55.
The projected lower bound is: 1,803.52.
The projected closing price is: 1,885.53.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 34.9044. This is not an overbought or oversold reading. The last signal was a buy 1 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 41.30. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 35 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 -65. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 7 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 3.822 at 1,884.673. Volume was 8,900% above average (trending) and Bollinger Bands were 1% narrower than normal.
Open High Low Close Volume 1,880.590 1,886.790 1,878.100 1,884.673 15,419
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,902.06 1,944.71 1,729.28 Volatility: 18 27 23 Volume: 1,542 308 77
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 9.0% above its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 25 periods.