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Old 05-16-2012, 03:33 PM   #1
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Gold RSI readings

Relative Strength (weakness) of the metal is at a historic level. Today (3:30 eastern) we have an RSI for Gold at 23.47. About an hour ago, the reading was 22.3. Anything below 30 is oversold. Here is a historical perspective of what RSI readings were at previous bottoms. There aren't many periods where the RSI has stayed down here.

Based on London PM Gold Fix

Information Date --- POG --- RSI(14)


11-Jan-2001 --- 264.15 --- 30.74
12-Jan-2001 --- 263.70 --- 29.78
15-Jan-2001 --- 263.50 --- 29.35
16-Jan-2001 --- 264.45 --- 34.29


04-Apr-2003 --- 323.80 --- 32.62
07-Apr-2003 --- 319.90 --- 29.72
08-Apr-2003 --- 323.40 --- 35.29


28-Apr-2004 --- 392.25 --- 34.65
29-Apr-2004 --- 386.00 --- 29.80
30-Apr-2004 --- 388.50 --- 33.79



07-May-2004 --- 380.80 --- 30.13
10-May-2004 --- 375.00 --- 26.46
11-May-2004 --- 375.25 --- 26.88
12-May-2004 --- 382.20 --- 37.41


03-Jan-2005 --- 435.60 --- 39.92
04-Jan-2005 --- 427.75 --- 28.73
05-Jan-2005 --- 426.00 --- 26.91
06-Jan-2005 --- 424.35 --- 25.30
07-Jan-2005 --- 422.20 --- 23.33
10-Jan-2005 --- 420.00 --- 21.48
11-Jan-2005 --- 421.35 --- 25.38
12-Jan-2005 --- 426.60 --- 38.22


07-Feb-2005 --- 414.40 --- 31.31
08-Feb-2005 --- 411.10 --- 27.91
09-Feb-2005 --- 411.15 --- 28.04
10-Feb-2005 --- 415.50 --- 38.25


30-May-2005 --- 418.25 --- 35.76
31-May-2005 --- 414.45 --- 29.13
01-Jun-2005 --- 415.35 --- 32.33


13-Jun-2006 --- 586.50 --- 31.67
14-Jun-2006 --- 567.75 --- 27.84
15-Jun-2006 --- 569.50 --- 28.70
19-Jun-2006 --- 571.00 --- 30.30
20-Jun-2006 --- 567.00 --- 29.35
21-Jun-2006 --- 574.60 --- 33.62


14-Sep-2006 --- 584.40 --- 32.31
15-Sep-2006 --- 573.60 --- 28.87
18-Sep-2006 --- 580.50 --- 33.72


30-Apr-2008 --- 871.00 --- 32.07
01-May-2008 --- 853.00 --- 27.89
02-May-2008 --- 853.50 --- 28.17
05-May-2008 --- 853.50 --- 28.17
06-May-2008 --- 880.00 --- 42.02


07-Aug-2008 --- 871.50 --- 33.15
08-Aug-2008 --- 852.50 --- 29.00
11-Aug-2008 --- 852.50 --- 29.00
12-Aug-2008 --- 817.75 --- 22.91
13-Aug-2008 --- 818.50 --- 23.28
14-Aug-2008 --- 818.00 --- 23.20
15-Aug-2008 --- 786.50 --- 18.78
18-Aug-2008 --- 796.25 --- 23.63
19-Aug-2008 --- 788.75 --- 22.52
20-Aug-2008 --- 815.75 --- 34.50


09-Sep-2008 --- 781.75 --- 30.91
10-Sep-2008 --- 775.75 --- 29.56
11-Sep-2008 --- 740.75 --- 23.19
12-Sep-2008 --- 750.25 --- 27.74
15-Sep-2008 --- 775.00 --- 38.05
16-Sep-2008 --- 779.50 --- 39.73


23-Oct-2008 --- 720.00 --- 30.74
24-Oct-2008 --- 712.50 --- 29.92
27-Oct-2008 --- 730.50 --- 34.47


23-Sep-2011 --- 1689.00 --- 35.35
26-Sep-2011 --- 1598.00 --- 27.51
27-Sep-2011 --- 1659.00 --- 37.51


14-Dec-2011 --- 1603.00 --- 31.79
15-Dec-2011 --- 1574.00 --- 28.89
16-Dec-2011 --- 1594.00 --- 33.40


28-Dec-2011 --- 1571.00 --- 31.07
29-Dec-2011 --- 1531.00 --- 26.11
30-Dec-2011 --- 1531.00 --- 26.11
02-Jan-2012 --- 1531.00 --- 26.11
03-Jan-2012 --- 1598.00 --- 44.60


15-May-2012 --- 1556.50 --- 30.80
16-May-2012 --- 1539.50 --- 23.55
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Old 05-16-2012, 03:42 PM   #2
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What is your source?

How is it calculated?
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Old 05-16-2012, 03:44 PM   #3
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http://en.wikipedia.org/wiki/Relative_Strength_Index

Quote :
The Relative Strength Index (RSI) is a technical indicator used in the analysis of financial markets. It is intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period. The indicator should not be confused with relative strength.

The RSI is classified as a momentum oscillator, measuring the velocity and magnitude of directional price movements. Momentum is the rate of the rise or fall in price. The RSI computes momentum as the ratio of higher closes to lower closes: stocks which have had more or stronger positive changes have a higher RSI than stocks which have had more or stronger negative changes.

The RSI is most typically used on a 14 day timeframe, measured on a scale from 0 to 100, with high and low levels marked at 70 and 30, respectively. Shorter or longer timeframes are used for alternately shorter or longer outlooks. More extreme high and low levels—80 and 20, or 90 and 10—occur less frequently but indicate stronger momentum.
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Old 05-16-2012, 03:58 PM   #4
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Derek,
Something tells me this is all a prelude to something big that us little people don't know about yet, and to allow the prennial short to get their shit all in one sock so to speak. JPM of all people, holds an enormous short metals position that would destroy their commodities desk if silver/gold/platinum shot uo too high too fast.

I( feel a big surge coming on here soon. I seem to remember 26.50 being super strong resistance.
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Last edited by ancona; 05-16-2012 at 07:05 PM.
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Old 05-16-2012, 06:20 PM   #5
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We had huge volume today (even before the fomc minutes), much higher than previous days and gold stayed basicly flat. That's pretty interesting... The pm fixing (10 am et) was close to 1550 and then gold started dropping shortly thereafter. Right before the fixing gold surged 10$. The fixing is when the big physical orders are beeing placed in London. Tells you something about demand for physical.
I'm also looking forward to this weeks COT (commitment of traders). Commercial shorts should have reduced their positions significantly.
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Old 05-16-2012, 06:43 PM   #6
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By the way: dxy is up 13 days in a row. Rsi at 76
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Old 05-16-2012, 07:16 PM   #7
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Thanks Derek; good info.

Here's the data in chart form.

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Old 05-17-2012, 08:51 AM   #8
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RSI lows do not mean a price low.

Back in 08 for example.. We had a RSI low in August, "bounced" and then ended up making new lows 2 more times (september and October) and didn't end up bottoming for another $100 lower.

Now.. we did violently bounce from that extreme before the correction continued though. The RSI low at around 775 was followed by a bounce to 850.. corrected to 740, bounced to 926 (in about a week).. Then we had some distribution for about a month and fell to our 680 low. Then it was stead up for a year to about 1200.
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