Gold 1 OZ (XAU=X) solid technical support at $1,465.00
Gold prices are modestly up on an upside correction after suffering sharp losses Tuesday. Rallying world stock markets that saw the U.S. indexes score record highs on Tuesday continue to squelch buying interest in the safe-haven metals. December gold futures were last up $4.60 an ounce at 1,488.30. December Comex silver prices were last down $0.058 at $17.51 an ounce.
Technically, the gold bulls still have the overall near-term technical advantage but are fading. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,525.00.
Bears’ next near-term downside price breakout objective is pushing December futures prices below solid technical support at the October low of $1,465.00. First resistance is seen at $1,500.00 and then at Tuesday’s high of $1,511.90. First support is seen at this week’s low of $1,480.70 and then at $1,478.00.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1,473.19.
The projected upper bound is: 1,525.46.
The projected lower bound is: 1,454.43.
The projected closing price is: 1,489.95.
A white body occurred (because prices closed higher 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.
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 41.9233. 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 47.30. 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 50 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 -59. This is not a topping or bottoming area. The last signal was a sell 1 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 9 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 6.904 at 1,490.904. Volume was 8,900% above average (trending) and Bollinger Bands were 52% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,499.35 1,501.76 1,388.75
Volatility: 15 15 14
Volume: 8,943 1,789 447
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 7.4% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect very strong flows of volume out of XAU= (bearish). Our trend forecasting oscillators are currently bullish on XAU= and have had this outlook for the last 8 periods.
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