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Gold 1 OZ (XAU=X) Technical Analysis – Pullback vs Breakout

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

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Gold
Ticker: XAU=
Price: $1908.98

Gold Outlook

Gold traders remained focused on the chances of an agreement on a stimulus package as November’s election fast approaches. US House Speaker Nancy Pelosi said she is not giving up on passing another coronavirus relief economic package before the November 3 election. Pelosi says she sent the administration a list of concerns on Friday and she is told that she’ll have answers on Monday.

The dollar index was up 0.16% against a basket of currencies, putting pressure on gold. The dollar was stronger as rising virus cases and lack of progress towards a U.S. stimulus package put traders in a cautious mood.

“Gold continues to trade within recent range. The dollar index managed to note modest gains gaining support from worsening outlook for European economies amid rising virus cases and mixed economic numbers,” Shayne Heffernan, CEO and Founder of Heffx said in a note.

“While trend in US dollar has been the major price determining factor for gold, the metal remains supported by safe haven buying amid increasing challenges to global economy in form of rising virus cases, uneven recovery, US-China tensions and uncertainty relating to US elections,” he added.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 1,898.26.

The projected upper bound is: 1,965.63.

The projected lower bound is: 1,848.91.

The projected closing price is: 1,907.27.

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 27 white candles and 23 black candles for a net of 4 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 31.2780. This is not an overbought or oversold reading. The last signal was a sell 15 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 50.43. 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 55 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 5. This is not a topping or bottoming area. The last signal was a sell 3 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 16 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed up 7.416 at 1,909.110. Volume was 8,900% above average (trending) and Bollinger Bands were 64% narrower than normal.

Open       High       Low        Close      Volume
1,900.945  1,910.150  1,900.895  1,909.110  11,577
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period    50-period     200-period
Close:           1,905.85     1,919.44      1,765.46
Volatility:      10           19            23
Volume:          1,158        232           58

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 8.1% above its 200-period moving average and is in an upward trend. Volatility is low 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 2 periods.

HEFFXhttp://www.heffx.com
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

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