Any declines will be short-lived, prices to move higher in the months ahead.
The US dollar has been weak for most of Donald Trump’s presidency. Tax cuts, a bigger deficit and several interest rate cuts from the US Federal Reserve have pushed the greenback lower. But even if Trump loses to Joe Biden, the dollar may not dramatically rebound anytime soon.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1,896.80.
The projected upper bound is: 1,963.37.
The projected lower bound is: 1,862.42.
The projected closing price is: 1,912.90.
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 29 white candles and 21 black candles for a net of 8 white 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 88.8978. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 22 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 53.41. 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 62 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 69. This is not a topping or bottoming area. The last signal was a buy 3 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 1 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 10.000 at 1,913.210. Volume was 8,900% above average (trending) and Bollinger Bands were 56% narrower than normal.
Open High Low Close Volume 1,903.260 1,913.250 1,901.990 1,913.210 35,382
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,895.13 1,913.15 1,776.71 Volatility: 13 17 23 Volume: 3,538 708 177
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 7.7% 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 1 periods.