GOLD 1 OZ (XAU=X) Firmer As Bulls Work To Stabilize Market
Gold prices are modestly up in early U.S. dealings Thursday. Some short covering in the futures market is featured, following recent selling pressure. Still, buying interest remains squelched by a rally in world stock markets and by a rebounding U.S. dollar index late this week.
The feature in the marketplace late this week is U.S. President Trump in Europe meeting with European leaders, with a meeting with Russian President Vladimir Putin scheduled for next Monday. The marketplace will watch Trump’s meetings closely. The just-concluded NATO meeting was declared a success by Trump.
The just-released June U.S. consumer price index (CPI) report came in a up 0.1% versus the forecast of being up 0.2% from May. The June producer price index report, released on Wednesday morning, was also up 0.2% from May. These numbers are not deemed problematic for inflation and the markets did not show significant reactions to the data.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1,282.49.
The projected upper bound is: 1,264.28.
The projected lower bound is: 1,226.32.
The projected closing price is: 1,245.30.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 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 21.7182. This is not an overbought or oversold reading. The last signal was a buy 7 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 35.51. 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 7 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 -109.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 7 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 5 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 4.830 at 1,246.590. Volume was 8,900% above average (trending) and Bollinger Bands were 4% 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: 1,251.49 1,283.68 1,301.70
Volatility: 11 9 11
Volume: 1,992 398 100
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 4.2% below its 200-period moving average and is in an downward trend. Volatility is 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 17 periods.
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