Gold Weekly Recap

primetrader

Trader
Jul 30, 2013
10
0
22
www.primetraderfx.com
Japanese Candlestick
White Body has formed as prices closed higher than the open.
The past 10 candlesticks there are 5 white candles and 5 black candles .
The past 50 candlesticks there are 19 white candles and 31 black candles with a net of 12 black candles.Long Lower Shadow has formed which is bullish particularly near low price, at support, or when asset is oversold.
SAR
No SAR signals triggered this week. SAR triggered a Buy signal 2 period(s) Ago.
Trend Analysis
XAUUSD prices close
LOWER than the 200 Moving Average
LOWER than the 50 Moving Average
LOWER than the 20 Moving Average
The current trend for Gold / US Dollar is Extremely Bearish. The most recently confirmed downside support level for Gold / US Dollar is around 743.24. Expect prices to have some difficulty falling below this level. A break below this level particularly on heavy trading would be a bearish sign.
Gold / US Dollar is long term Bearish as the 144 days moving average of 1,490.85 is decreasing. The Relative Strength Index is at 38.45 in the neutral territory. The Relative Momentum Index is at 19.56 in the oversold territory. An important indicator for Elliott waves, the Elliott oscillator is at -153.23, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 92.48. This value is in the overbought territory.
Technical Outlook
Short Term:Neutral
Intermediate Term:Bearish
Long Term:Bearish