How to Trade Gold Effectively - Simple Gold Trading Strategy (XAUUSD)
GOLD 1 OZ (XAU=X) rise in activity in gold options
A rise in activity in goldoptions amid geopolitical tensions and a record-long bull marketfor U.S. equities suggests that investors are betting goldprices have found a floor, traders said.
giving the holder aright to buy the metal at $1,200 per ounce in December 2018 GC1200L8 , surged this week to a record 1,136 contracts, from79 contracts on July 31, the largest in at least two years.September call options at the same price GC1200I8 also hit a record for open interest volume this week. Open interest is the number of open contracts.
By the way, prices are vulnerable to a correction towards 1,235.98.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, 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 18 white candles and 32 black candles for a net of 14 black candles.
An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend (which appears to be the case with PREC.M.XAU=). It then signifies that the momentum may be shifting from the bears to the bulls.
If the engulfing bullish pattern occurs during an uptrend, it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.
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 73.4789. This is not an overbought or oversold reading. The last signal was a sell 1 period(s) ago.
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 48.64. 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. Xau Price Live
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 22. This is not a topping or bottoming area. The last signal was a buy 4 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 2 period(s) ago.
PREC.M.XAU= closed up 20.630 at 1,205.550. Volume was -0% below average (neutral) and Bollinger Bands were 19% 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 6.6% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 48 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.
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