Gold 1 OZ (XAU=X) resistance at $1,454.40

Gold 1 OZ (XAU=X) resistance at $1,454.40

Gold 1 OZ (XAU=X) resistance at $1,454.40

Technically, August gold futures prices closed near mid-range. The bulls still have the solid overall near-term technical advantage and are keeping in place a two-month-old uptrend on the daily bar chart. Prices last Friday hit a six-year high.

Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,454.40. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the July low of $1,384.70. First resistance is seen at $1,430.00 and then at $1,442.00. First support is seen at $1,420.00 and then at $1,410.00.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 1,462.90.

The projected lower bound is: 1,391.36.

The projected closing price is: 1,427.13.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.

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 62.5463. This is not an overbought or oversold reading. The last signal was a sell 1 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 59.56. 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 12 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 81. This is not a topping or bottoming area. The last signal was a sell 0 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 12 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed down -0.280 at 1,424.630. Volume was -0% below average (neutral) and Bollinger Bands were 19% narrower than normal.

Open High Low Close Volume___
1,424.7501,429.4261,421.9501,424.630 0

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 1,417.74 1,356.42 1,294.07
Volatility: 19 16 12
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.

Summary

PREC.M.XAU= is currently 10.1% above its 200-period moving average and is in an upward trend. Volatility is high 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 49 periods.

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