The recent stall in prices meets the technical expectations of the measured move from the bearish flag. It has to take a break below this support level to bring in new downside targets at 1788.90 and 1762.51 into the future.
As per the long-term outlook for the banks, it has to take bulls sustaining the price above 1800.34 (site of the 200-day moving average support) to keep alive the chance to retest and probably surpass the 2020 high at 2075.44. However, this is a medium-term/long-term outlook that requires gradual navigation above resistance levels at 1850.78, 1869.39, as well as 1900.76. Other targets are found at 1954.77, 1969.95 and 1980.75, in that order.
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 1,876.89.
The projected upper bound is: 1,871.95.
The projected lower bound is: 1,742.26.
The projected closing price is: 1,807.10.
A black body occurred (because prices closed lower than they opened).
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 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 10.9515. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 10 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 33.91. 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 78 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 -113.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. 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 sell 12 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed down -0.670 at 1,809.900. Volume was 8,900% above average (trending) and Bollinger Bands were 17% wider than normal.
Open High Low Close Volume 1,810.090 1,813.500 1,808.160 1,809.900 5,027
Technical Outlook Short Term: Oversold Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,844.55 1,885.62 1,799.04 Volatility: 13 22 24 Volume: 503 101 25
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 0.6% 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 out of XAU= (bearish). Our trend forecasting oscillators are currently bearish on XAU= and have had this outlook for the last 8 periods.
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