Gold 1 OZ (XAU=X) solid resistance at $1,520.00

Gold 1 OZ (XAU=X) solid resistance at $1,520.00

Gold 1 OZ (XAU=X) solid resistance at $1,520.00

Technically, the gold bulls have the slight overall near-term technical advantage, but a four-month-old uptrend on the daily bar chart has been negated and a four-week-old downtrend is in place.

Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,520.00. Bears’ next near-term downside price breakout objective is pushing December futures prices below solid technical support at $1,450.00. First resistance is seen at $1,500.00 and then at this week’s high of $1,507.20. First support is seen at the overnight low of $1,480.50 and then at $1,475.00.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 1,543.07.

The projected lower bound is: 1,458.33.

The projected closing price is: 1,500.70.

Candlesticks

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 26 white candles and 24 black candles for a net of 2 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 34.0671. This is not an overbought or oversold reading. The last signal was a buy 0 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 49.74. 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 -51. This is not a topping or bottoming area. The last signal was a buy 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 3 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed up 20.649 at 1,499.229. Volume was 8,900% above average (trending) and Bollinger Bands were 40% narrower than normal.

Open     High      Low     Close     Volume___
1,478.9451,504.7301,474.0001,499.229 61,001
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 1,502.51 1,496.29 1,362.67
Volatility: 20 18 14
Volume: 6,100 1,220 305

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 10.0% above its 200-period moving average and is in an downward 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 bearish on XAU= and have had this outlook for the last 15 periods.

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