Gold - Weekly Technical Outlook – June 1, 2010
FMX | Connect – www.fmxconnect.com- (Reported 6/1/10)
Chart 1: Daily June Gold (short-term analysis):
Weekly Outlook:
Traders will be closely monitoring $1250 resistance and $1132 support. If price action is positive, look for solid close above $1250. If negative, look for a close below $1132. If price manages to close above $1250, expect strong upside momentum.
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Technical Statistics:
| GCM0 - Gold June 2010 (COMEX) | | | | | |
| | | | | |
| Date | Open | High | Low | Last | Change |
| 6/1/2010 | 1217 | 1217.7 | 1209.3 | 1215.6 | unch |
| | | | | |
| Period | Moving Average | Price Change | Percent Change | Average Volume | |
| 5-Day | 1213.7 | 17.6 | 1.47% | 74751 | |
| 20-Day | 1208.3 | 46.4 | 3.97% | 171858 | |
| 50-Day | 1168.8 | 114.9 | 10.44% | 140526 | |
| 100-Day | 1140.3 | 79.5 | 7.00% | 74415 | |
| 200-Day | 1103.3 | 262.9 | 27.60% | 37936 | |
| Year to Date | 1139.8 | 116.8 | 10.63% | 71706 | |
| |
| Period | Raw Stochastic | Stochastic %K | Stochastic %D | Average True Range | |
| 9-Day | 94.48% | 74.08% | 59.97% | 18.3 | |
| 14-Day | 59.26% | 55.61% | 52.42% | 19.2 | |
| 20-Day | 63.53% | 60.38% | 57.82% | 19.4 | |
| |
| Period | Relative Strength | Percent R | Historic Volatility | MACD Oscillator | |
| 9-Day | 59.73% | 5.52% | 11.70% | 11.6 | |
| 14-Day | 59.43% | 40.74% | 13.85% | 6 | |
| 20-Day | 59.36% | 36.47% | 16.59% | 6.2 | |
| 50-Day | 57.49% | 20.84% | 14.23% | 45.7 | |
| 100-Day | 55.98% | 16.71% | 17.11% | 74.2 | |
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Chart 2: Daily June Gold (long-term analysis):
Long-Term Outlook:
Gold is currently forming a cup and handle. This formation is bullish and is known as continuation pattern. Expect strong upside momentum once the pullback (handle) is complete.
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