Gold - Weekly Technical Outlook – July 16, 2010
FMX | Connect – www.fmxconnect.com- (Reported 7/16/10)
Chart 1: Daily August Gold (short-term analysis):
Weekly Outlook:
Traders will be closely monitoring $1185 support and $1215.1 resistance. A solid close above $1215.1 will set the stage for another move higher. A close below $1185 may push price to test the 100-day moving average.
-----------------------------------------------------------------------------------------------------------------
Technical Statistics
| Gold August 2010 (COMEX) | | | | | |
| | | | | |
| | | | | |
| Date | Open | High | Low | Last | Change |
| 7/16/2010 | 1,209.00 | 1,210.90 | 1,185.80 | 1,188.2s | -20.1 |
| | | | | |
| Period | Moving Average | Price Change | Percent Change | Average Volume | |
| 5-Day | 1,203.10 | -21.6 | -1.79% | 109,801 | |
| 20-Day | 1,221.70 | -60.5 | -4.85% | 129,673 | |
| 50-Day | 1,220.20 | 11.8 | 1% | 98,855 | |
| 100-Day | 1,177.80 | 82.8 | 7.49% | 50,659 | |
| 200-Day | 1,141.70 | 188.9 | 18.90% | 25,731 | |
| Year to Date | 1,160.40 | 88.1 | 8.01% | 37,821 | |
| |
| Period | Raw Stochastic | Stochastic %K | Stochastic %D | Average True Range | |
| 9-Day | 9.50% | 32.80% | 33.40% | 20.6 | |
| 14-Day | 4.10% | 19.90% | 24.40% | 20.8 | |
| 20-Day | 3.90% | 19.40% | 24.40% | 20.8 | |
| |
| Period | Relative Strength | Percent R | Historic Volatility | MACD Oscillator | |
| 9-Day | 35.66%% | 90.53%% | 14.63%% | -0.60% | |
| 14-Day | 40.05%% | 95.93%% | 17.92%% | -10.00% | |
| 20-Day | 43.64%% | 96.07%% | 17.15%% | -20.50% | |
| 50-Day | 50.37%% | 79.49%% | 17.23%% | -19.00% | |
| 100-Day | 52.56%% | 43.82%% | 15.35%% | 23.30% | |
-----------------------------------------------------------------------------------------------------------------
Chart 2: Daily August Gold (long-term analysis):
Long-Term Outlook:
Although gold saw significant selling pressure this past week, the path of least resistance continues to be higher. Look for long-term support at the trend line and 100-day moving average.
----
About FMX: FMX Connect is an information, data, and analytics portal for Commodities. The portal provides an all-in-one package including essential market data, independent third party research, industry news, and commodity trading tools. FMX Connect provides efficient, effective, and thorough data that bridges all aspects of commodities onto one screen. The Result; A user friendly application for hedge fund traders, OTC brokers, individual investors, and industry participants.
-----
Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved.