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GOLD 1 OZ (XAU=X) solid overall near-term technical advantage

GOLD 1 OZ (XAU=X) solid overall near-term technical advantage

Technically, gold bears still have the solid overall near-term technical advantage amid a price downtrend on the daily bar . Gold bulls’ next upside near-term price breakout objective is to produce a close in August futures above solid resistance at $1,250.00.

Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at the overnight high of $1,235.30 and then at $1,240.00. First support is seen at Wednesday’s low of $1,223.20 and then at this week’s low of $1,218.10.

Overall, the bias in prices is: Downwards.

Note: this shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 1,265.34.

The projected upper bound is: 1,240.48.

The projected lower bound is: 1,203.95.

The projected closing price is: 1,222.21.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 53.4481. This is not an overbought or oversold reading. The last signal was a buy 5 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 34.39. 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 buy 5 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 -73. This is not a topping or bottoming area. The last signal was a buy 4 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 1 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed up 1.300 at 1,223.570. Volume was 76% below average (consolidating) and Bollinger Bands were 13% wider than normal.

Open High Low Close Volume___
1,222.4701,223.8501,222.2701,223.570 53

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 1,227.27 1,266.60 1,298.58
Volatility: 10 9 11
Volume: 1,948 390 97

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 5.8% below its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect very strong flows of volume out of XAU= (bearish). Our trend forecasting oscillators are currently bearish on XAU= and have had this outlook for the last 28 periods.