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GOLD 1 OZ (XAU=X) Upward Momentum

GOLD 1 OZ (XAU=X) Upward Momentum

Gold and silver have been victims of steep declines in recent weeks, with gold dropping by roughly 7%, and silver by about 12% since the Fed’s decision in mid-June.

But despite the recent declines, the backdrop for precious metals remains very strong.

Spot gold rose 0.6 per cent to $US1,231.56 per ounce on Wednesday.

US gold futures for August delivery settled up $US6.30, or 0.5 per cent, at $US1,231.80 per ounce.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 1,267.21.

The projected upper bound is: 1,249.98.

The projected lower bound is: 1,213.92.

The projected closing price is: 1,231.95.

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 22 white candles and 28 black candles for a net of 6 black 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 75.0371. This is not an overbought or oversold reading. The last signal was a buy 4 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 39.30. 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 buy 4 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 -24. This is not a topping or bottoming area. The last signal was a buy 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 0 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAU= closed up 1.930 at 1,233.090. Volume was 8,900% above average (trending) and Bollinger Bands were 7% wider than normal.

Open High Low Close Volume___
1,230.9001,233.6801,230.5901,233.090 1,273

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

Moving Averages: 10-period 50-period 200-period
Close: 1,230.09 1,268.17 1,298.92
Volatility: 10 9 11
Volume: 127 25 6

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 5.1% below its 200-period moving average and is in an downward trend. Volatility is 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 27 periods.