Gold 1 OZ (XAU=X) 2019 average gold price of $1314
New data today put the 19-nation Eurozone’s jobless rate down at 7.9%, a fresh 10-year low, while No.1 economy Germany reported a larger-than-expected surplus on its trade balance. As the Euro ticked higher against the
Dollar on the FX market, the price of large wholesale gold bars edged below €1120 per ounce – a 6-month high for French, German and Italian investors when first reached over Christmas, and 1.5% below New Year 2019’s 19-month peak. Priced in the US Dollar gold bullion held above $1280 per ounce, some 1.5% below last week’s new 7-month high. “Our FX view is for a stronger USD [in 2019], which may present the greatest threat to gold and will at the least limit rallies,” says bullion-bank HSBC analyst James Steel. “
[But] further short-covering and builds in [speculative] longs are likely,” he goes on, predicting a 2019 average gold price of $1314 per ounce – some $20 above Steel’s previous forecast.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1,251.26.
The projected upper bound is: 1,309.04.
The projected lower bound is: 1,269.91.
The projected closing price is: 1,289.47.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 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 49.1067. This is not an overbought or oversold reading. The last signal was a sell 3 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 68.02. 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 1 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 64. This is not a topping or bottoming area. The last signal was a sell 3 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 26 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 3.310 at 1,288.160. Volume was 8,900% above average (trending) and Bollinger Bands were 77% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,284.55 1,242.12 1,248.97
Volatility: 8 10 11
Volume: 1,507 301 75
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 3.1% above its 200-period moving average and is in an upward 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 bullish on XAU= and have had this outlook for the last 23 periods.
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