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Tuesday, May 11, 2021
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Gold 1 OZ (XAU=X) Price Target $2500?

$XAU #Gold #Commodities #FX #Trading #Markets

Gold
Ticker: XAU=
Price: $1964.66

Outlook

Gold is looking to outperform silver into year-end, according to Bloomberg Intelligence, which is not ruling out $4,000 gold by 2023, noting that the gold bull rally is just beginning. 

After breaking $2,000 an ounce level, gold has been stuck in a trading range between $1,930 and $1,980 an ounce. But despite the several-week hiatus from major price action, gold will still do better than silver in the second half of the year,

Despite this optimistic view on gold, the report warned that $2,000 an ounce will prove to be a strong resistance level because the yellow metal looked overheated above that level. However, even though it might take gold some time to breach $2,000 an ounce on a sustained basis, in the long-term gold is heading much higher. 

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 2,048.75.

The projected lower bound is: 1,890.72.

The projected closing price is: 1,969.73.

Candlesticks

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 32 white candles and 18 black candles for a net of 14 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 79.4889. This is not an overbought or oversold reading. The last signal was a buy 5 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 56.03. 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 25 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 85. This is not a topping or bottoming area. The last signal was a sell 9 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 0 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed up 9.923 at 1,966.292. Volume was 8,900% above average (trending) and Bollinger Bands were 56% narrower than normal.

Open       High        Low         Close       Volume
1,956.904  1,966.328   1,954.000   1,966.292   19,197
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period     50-period      200-period
Close:           1,943.02      1,926.41       1,708.17
Volatility:      13            26             23
Volume:          1,920         384            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.

Summary

PREC.M.XAU= is currently 15.1% 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 15 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.

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