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Gold/US Dollar broke resistance on 16/08/2013

Discussion in 'Technical Analysis' started by primetrader, Aug 16, 2013.

  1. primetrader

    primetrader New Member

    Jul 21, 2013
    Likes Received:
    Trend Analysis
    XAUUSD prices close
    LOWER than the 200 Moving Average
    HIGHER than the 50 Moving Average
    HIGHER than the 20 Moving Average
    The current trend for Gold / US Dollar is Slightly Bearish. Gold / US Dollar broke above the upside resistance level of 1,354.70 today. This is a bullish sign. This previous resistance level of 1,354.70 now provide downside support.
    Bollinger Band
    Gold / US Dollar closed above the upper Bollinger Band by 4.6%. This combined with the steep uptrend suggests that the upward trend has a good chance of continuing. However, a short-term pull-back inside the Bollinger Bands is likely. Bollinger Bands are 26.83% narrower than normal.
    Presently the MACD is BULLISH as MACD is moving higher than the signal line. The MACD crossed above the signal line 4 period(s) ago. Since MACD crossed the MACD moving average, Gold / US Dollar’s price has increased 3.95%, and has ranged from a high of 1,369.720 to a low of 1,305.190.
    RSI has just reached its highest value in the past 14 period(s) indicating a BULLISH signal.
    Directional Movement Indicators (DMI) currently not indicating any specific price direction. Directional Movement Indicators (DMI) signal was a SELL 11 period(s) ago.
    Elliot Wave Analysis
    The present wave patterns are:
    fast amplitude (8%): bullish wave 1
    moderate amplitude (13%): bearish wave 2
    normal amplitude (21%): bearish wave 1

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