Forex Trading: How To Trade Gold (XAU/USD) - Yusef Scott
Gold bears 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 December 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 Monday’s high of $1,234.10 and then at last week’s high of $1,244.70. First support is seen at $1,225.00 and then at the July low of $1,221.00.
By the way, prices are vulnerable to a correction towards 1,260.57.
A white body occurred (because prices closed higher than they opened).
there have been 20 white candles and 30 black candles for a net of 10 black candles. Xau Price Live , there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 black candles.
changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators. Xau Price Live , 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 16.3364. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 10 period(s) ago.
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 33.16. This is not a topping or bottoming area. However, the RSI just crossed above 30 from a bottoming formation. This is a bullish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 0 period(s) ago.
Xau Price Live , a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 9 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 0 period(s) ago.
PREC.M.XAU= closed up 5.470 at 1,213.030. Volume was -0% below average (neutral) and Bollinger Bands were 11% wider than normal.
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 6.5% below 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 33 periods.
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