Gold 1 OZ (XAU=X) gold dropped below $US1,300 an ounce hurt by a robust US dollar
Gold prices slipped overnight to their lowest in more than five weeks as the US dollar rose on stronger than expected economic data and rising US Treasury yields.
Spot gold was down 0.1 per cent at $US1,285.57 per ounce.
US gold futures settled down 0.2 per cent to $US1,284.7 per ounce.
On Friday, gold dropped below $US1,300 an ounce, hurt by a robust US dollar.
Gold has shed more than 2 per cent this month as trade talks between China and the US accelerated, with reports saying a deal could be sealed at a summit around March 27.
Global stock markets were at five-month highs following China’s assurance of stimulus measures after lowering its growth targets.
Markets will now look ahead to the European Central Bank’s monetary policy meeting on Thursday and US non-farm payrolls data on Friday.
Silver was up 0.3 per cent at $15.12 per ounce. Earlier in the session it fell as low as $US15.01, its lowest since December 27.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1,310.95.
The projected lower bound is: 1,267.44.
The projected closing price is: 1,289.20.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 12.9149. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 9 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 38.47. 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 9 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 -128.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 9 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 6 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 1.579 at 1,288.759. Volume was 8,900% above average (trending) and Bollinger Bands were 35% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,309.46 1,301.79 1,246.61
Volatility: 11 11 11
Volume: 674 135 34
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 3.4% 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 into XAU= (bullish). Our trend forecasting oscillators are currently bearish on XAU= and have had this outlook for the last 2 periods.
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