For weeks the metals, equities and other markets have created many challenges for traders. While the trends have been established, follow-through has not been there. In other words, most markets are consolidating as they prepare for the next big move.
What is clear one day is a muddled mess the next. Obviously, trend traders are finding challenges to trading. Gold, silver, platinum, equities, and softs churn. This type of price action known as congestion will eventually end and a much bigger move is coming.
We know for a 100% fact that there will be a move. What we do not know which way or how big it will be. Based on our algorithms, we are playing them to go lower; however, the algorithm can change as will we. For today, we are short gold, silver and platinum, and equites. That will not change until at least tomorrow.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1,990.05.
The projected lower bound is: 1,831.05.
The projected closing price is: 1,910.55.
A black body occurred (because prices closed lower 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 26 white candles and 24 black candles for a net of 2 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 79.6079. This is not an overbought or oversold reading. The last signal was a sell 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 49.29. 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 40 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 40. This is not a topping or bottoming area. The last signal was a buy 5 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 buy 1 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed down -1.400 at 1,911.498. Volume was 8,900% above average (trending) and Bollinger Bands were 4% narrower than normal.
Open High Low Close Volume 1,912.280 1,912.990 1,910.150 1,911.498 440
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,888.38 1,944.03 1,739.15 Volatility: 17 26 23 Volume: 44 9 2
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 9.9% 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 30 periods.