Gold 1 OZ (XAU=X) firm overall near-term technical advantage

Gold 1 OZ (XAU=X) firm overall near-term technical advantage

Gold 1 OZ (XAU=X) firm overall near-term technical advantage

Technically, August gold futures prices closed nearer the session low. The bulls still have the firm overall near-term technical advantage and are keeping in place a seven-week-old uptrend in place on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the June high of $1,442.90.

Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the July low of $1,384.70. First resistance is seen at this week’s high of $1,421.60 and then at last week’s high of $1,429.40. First support is seen at today’s low of $1,403.70 and then at $1,400.00.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 1,441.53.

The projected lower bound is: 1,375.25.

The projected closing price is: 1,408.39.

Candlesticks

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 Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 63.1162. This is not an overbought or oversold reading. The last signal was a sell 13 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 57.95. 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 8 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 10. This is not a topping or bottoming area. The last signal was a sell 13 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 8 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed down -7.725 at 1,405.955. Volume was -0% below average (neutral) and Bollinger Bands were 10% narrower than normal.

Open High Low Close Volume___
1,414.2901,418.0281,400.7801,405.955 0

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 1,408.38 1,344.96 1,289.43
Volatility: 15 15 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.

Summary

PREC.M.XAU= is currently 9.0% above its 200-period moving average and is in an upward trend. Volatility is high 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 45 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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