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Gold
Ticker: XAU=
Price: $1875.76
Gold Outlook
Gold prices remain under pressure as the U.S. economy saw a sharper than expected recovery in the third quarter, according to preliminary data.
Thursday, the U.S. Commerce Department said that the advance estimate of the second-quarter gross domestic product showed that the U.S. economy grew 33.1%, recovering from a 31.4% decline reported in the second quarter.
According to consensus estimates, economists were expecting to see GDP grow 32% in the third quarter.
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Gold prices are trading near session lows in initial reaction to the latest economic data. December gold futures last traded at $1,869.20 an ounce, down 0.5% on the day.
Economist note that third quarter growth is the best on record, following the worst contraction in history seen in the second quarter.
Third-quarter trade data was a slight drag on GDP. The report said that exports rose 59.7% between July and September, up from the second-quarter decline of 64.4%. However, imports grew at a faster pace, rising 91.1%, up from a 54.1% decline in the second quarter.
Looking at inflation data, the GPD price index rose 3.6% in the third quarter, beating consensus estimates. Economists were expecting to see an increase of 2.9%.
Core Personal Consumption Expenditures Index, rose 3.5% in the third quarter, missing expectations. Economists were expecting to see a 4.0% rise in core PCE.
Although the latest GPD data was better than expected, Shayne Heffernan, CEO and Founder of Knightsbridge Live said that the U.S. still faces a long recovery ahead. He added that economic growth is still down 3.5% for the year and the future growth remains uncertain.
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Technical Indicators
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1,896.44.
The projected upper bound is: 1,926.28.
The projected lower bound is: 1,823.18.
The projected closing price is: 1,874.73.
Candlesticks
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 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 20.2776. This is not an overbought or oversold reading. The last signal was a sell 18 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 42.67. 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 58 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 -180.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 6 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 2 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 8.865 at 1,876.000. Volume was 8,900% above average (trending) and Bollinger Bands were 53% narrower than normal.
Open High Low Close Volume 1,867.690 1,877.790 1,864.090 1,876.000 17,320
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,896.87 1,915.57 1,770.09 Volatility: 14 17 23 Volume: 1,732 346 87
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 6.0% above its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 1 periods.
