Gold/US Dollar Broke Resistance on 16/08/2013

[primetrader 10]

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.

MACD

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

RSI has just reached its highest value in the past 14 period(s) indicating a BULLISH signal.

DMI

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

[newmillionaire 10]

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