Gold 1 OZ (XAU=X) Holding Gains Following Rise In Empire State Manufacturing Survey
The New York region’s manufacturing sector found new momentum in February, according to the latest data from the New York Federal Reserve.
The gold market is seeing little reaction to a rise in the New York Federal Reserve’s Empire State manufacturing survey’s general business conditions index, which rose to 8.8, up from Janurary’s reading of 3.9. The data was better than expected as economists were calling for a reading of 7.1.
“Manufacturing firms in New York State reported that business activity grew, though like last month, at a significantly slower pace than much of last year.
“Manufacturing firms in New York State reported that business activity grew, though like last month, at a significantly slower pace than much of last yearm,” the report said.
Gold prices were already seeing some modest buying pressure ahead of the data and remains relatively unchanged following initial reaction. April gold futures last traded at $1,320.60 an ounce, up 0.51% on the day.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1,276.51.
The projected upper bound is: 1,342.34.
The projected lower bound is: 1,303.02.
The projected closing price is: 1,322.68.
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 28 white candles and 22 black candles for a net of 6 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 62.7641. This is not an overbought or oversold reading. 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 64.30. 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 97. This is not a topping or bottoming area. 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 8.530 at 1,321.010. Volume was -0% below average (neutral) and Bollinger Bands were 10% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,311.52 1,284.79 1,245.46
Volatility: 8 10 11
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 6.1% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 50 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.