How I Make Money Trading GOLD Using Price Action Chart Analysis
GOLD 1 OZ (XAU=X) has stiff resistance at $1167.10
Based on the early price action, the direction of the December Comex
market the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at $1198.70.
Xau Price Live
If $1187.10 fails as support then look for the selling to extend into the Fib level at $1182.90, this is followed by a short-term uptrending Gann angle at $1177.10.
A sustained move over $1198.70 will signal the presence of buyers. This could lead to a retest of the major 50% level at $1205.90, followed by the minor top at $1208.40. Taking out this level could spike the market into the major Fib level at $1215.10.
By the way, prices are vulnerable to a correction towards 1,236.36.
A black body occurred (because prices closed lower 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 17 white candles and 33 black candles for a net of 16 black 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 77.4478. This is not an overbought or oversold reading. The last signal was a sell 0 period(s) ago.
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 34.87. 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.
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -47. 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.
PREC.M.XAU= closed down -10.410 at 1,184.700. Volume was 8,900% above average (trending) and Bollinger Bands were 25% 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 8.3% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. 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 47 periods. Xau Price Live
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