Gold closed the previous 4 hours up 0.11% ($2.12); this denotes the 2nd consecutive candle an increase has occurred. Those trading within the metals asset class should know that Gold was the worst performer in the class the current 4 hour candle.
Gold Daily Price Recap
Gold is up 0.35% ($6.58) since the day prior, marking the 2nd straight day an increase has occurred. On a relative basis, Gold was the worst performer out of all 5 of the assets in the metals asset class today. Below is a daily price chart of Gold.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1,981.70.
The projected lower bound is: 1,856.57.
The projected closing price is: 1,919.14.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 69.4592. This is not an overbought or oversold reading. The last signal was a sell 11 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 52.95. 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 51 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 105.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 6 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 12 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 12.725 at 1,919.110. Volume was 8,900% above average (trending) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume 1,908.190 1,920.270 1,906.890 1,919.110 20,356
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,907.27 1,924.68 1,758.50 Volatility: 16 21 23 Volume: 2,036 407 102
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 9.1% above its 200-period moving average and is in an downward 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 into XAU= (bullish). Our trend forecasting oscillators are currently bearish on XAU= and have had this outlook for the last 41 periods.