Here is the chart of the World Gold Index (XGLD) since April of this year with a closing price of $1232. (Click on the chart for a larger view)
- The trend is still up and trending higher from the July 28th low at 1155. The MACD Histogram peaked on 8/19 and has started trending lower. Neutral to Negative.
- The price closed above all three key moving averages of 15, 50 and 100. Bullish
- The 15 day moving average is above the 50. The 50 day moving average is above the 100.Bullish
- Both Stochastics K and D lines are above the 80 level and are 'embedded'. Bullish
- The K line has crossed over the D line and is heading down. Neutral to Negative.
- The price is still above the last high (resistance) on July 13th at 1218.80. Bullish
The price spiked lower today based on housing data that was released this morning, but rebounded nicely to close above the resistance line at ~1219. Gold has had a solid rally from the 1155 level to the 1230 ($75) level over the past 3 and a half weeks. I would expect a trading range for the next week or two before the possible seasonal rally in September.
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