GOLD 1 OZ (XAU=X) Market Bottom is in Place
December gold futures bears still have the overall near-term technical advantage. However, prices have been trading sideways for three two weeks, which suggests a market bottom is in place. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,220.70.
Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the August low of $1,167.10. First resistance is seen at this week’s high of $1,209.70 and then at last week’s high of $1,218.00. First support is seen at $1,200.00 and then at this week’s low of $1,197.50.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 1,218.98.
The projected lower bound is: 1,173.94.
The projected closing price is: 1,196.46.
A black body occurred (because prices closed lower 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 22 white candles and 28 black candles for a net of 6 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 34.8467. This is not an overbought or oversold reading. The last signal was a sell 18 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 47.26. 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 22 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 2. This is not a topping or bottoming area. The last signal was a buy 21 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 19 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed down -2.920 at 1,197.610. Volume was 8,900% above average (trending) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,198.20 1,208.35 1,284.29
Volatility: 8 12 11
Volume: 1,924 385 96
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.
GOLD 1 OZ, XAU=X, trading, news, outlook, gold, shayne heffernan
PREC.M.XAU= is currently 6.7% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect very strong flows of volume out of XAU= (bearish). Our trend forecasting oscillators are currently bullish on XAU= and have had this outlook for the last 12 periods.
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