GOLD 1 OZ (XAU=X) Consolidating
February Comex Gold futures finished lower on Friday, completing a mostly sideways trade that ended with a lower close on the weekly chart. The market was primarily supported by a dovish outlook for interest rates, but gains were capped by a stronger U.S. Dollar. Safe-haven buying continued to support the dollar, which led to lower foreign demand for dollar-denominated gold futures.
The main trend is up according to the daily swing chart. However, momentum has been trending lower especially with the formation of the secondary lower top at $1236.70.
A trade through $1236.70 will shift momentum back to the upside. A move through $1216.80 will change the main trend to down.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1,245.69.
The projected lower bound is: 1,198.98.
The projected closing price is: 1,222.34.
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 25 white candles and 25 black 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 62.8317. This is not an overbought or oversold reading. The last signal was a sell 6 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 51.92. 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 buy 75 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 26. This is not a topping or bottoming area. The last signal was a buy 12 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 0 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed down -1.730 at 1,221.880. Volume was -0% below average (neutral) and Bollinger Bands were 22% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,222.33 1,215.22 1,257.86
Volatility: 7 12 12
Volume: 0 0 0
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 2.9% below 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 13 periods.
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