Gold 1 OZ (XAU=X) prices low

Gold 1 OZ (XAU=X) prices low

Gold 1 OZ (XAU=X) prices low

Gold prices dipped back towards the previous session’s two-week low yesterday as increasing signs that an interim trade deal could soon be reached buoyed riskier assets and the US dollar.

Spot gold was down 0,4 percent at $1 456,01 per ounce as of 1327 GMT, while US gold futures were 0,3 percent lower at $1 455,80.

Having dropped to a two-week low of $1 450,30 early on Tuesday, gold prices bounced back to settle higher, ending a four-session losing streak.

“The decline of today is relatively small and can be seen as a consolidation after yesterday’s recovery,” said Carlo Alberto De Casa, chief analyst at ActivTrades. Rising share prices and a recovering dollar were relatively bearish for gold, he said. “What’s important is that prices are holding above $1 450 . . . if prices fall below $1 445, then there will be a clear signal that we are entering a danger zone,” De Casa said, adding the markets are waiting for further details on the trade talks.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 1,470.08.

The projected upper bound is: 1,488.48.

The projected lower bound is: 1,426.07.

The projected closing price is: 1,457.27.

Candlesticks

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 25 white candles and 25 black 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 29.6355. This is not an overbought or oversold reading. The last signal was a sell 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 40.99. 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 66 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 -74. This is not a topping or bottoming area. The last signal was a buy 2 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 sell 3 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed up 3.842 at 1,458.092. Volume was 8,900% above average (trending) and Bollinger Bands were 11% narrower than normal.

Open     High      Low     Close     Volume___
1,454.2901,458.2001,453.3001,458.092 72,064
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 1,463.59 1,486.65 1,400.40
Volatility: 6 13 15
Volume: 7,206 1,441 360

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 4.1% 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.

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