Metal Commodity Technical Update - Gold mixed to higher while Silver in limited downside
Metal Commodity Technical Update Gold mixed to higher while Silver in limited downside Gold, 2,624.89 (+0.19%), Mixed to higher: The potential for an increase in gold prices remains visible, following a relatively strong long term uptrend pattern that has formed over the last 326 trading days. Statistically, the current price movement is within the range of +/ 1.90 standard deviations from the centerline of its downtrend channel. The r squared value stands at 0.9424, indicating that only around 5.76% of the price movements have deviated from the normal range, covering approximately 18.78 trading days. The CMO Optimized, RSI Optimized, and W%R Optimized indicators are still trending upward, with the price breaking above the 38 day optimized moving average from below, signaling a potential trigger for further increases. As a reference, the current trading range is 2,613.29 – 2,734.53. Silver, 29.24 ( 1.94%), Limited downside: The potential downside correction in silver prices appears to be increasingly limited, despite prices currently sitting below the lower band of a relatively strong long term uptrend that has formed over the last 316 trading days. Statistically, the current price movement is within the range of +/ 1.28 standard deviations from the centerline of its downtrend channel. The r squared value stands at 0.8017, indicating that approximately 19.83% of price movements have deviated from the normal range for about 63 trading days. The CMO Optimized indicator shows a tendency for further upward movement, while the RSI Optimized and W%R Optimized indicators indicate limited corrections and are already in the oversold area. Prices remain below the 8 day optimized moving average, suggesting there is still some potential for correction, although it is becoming more constrained. As a reference, the current trading range is 28.83 – 32.98. Stock Picks: ANTM, MDKA, ARCI, PSABN, UNTR, HRTA, BRMS. ( See Full Report: https://cdn.miraeasset.co.id/web research/uploads/250106%20(Mirae%20Asset%20Sekuritas%20Indonesia)%20Metal%20Commodity%20Technical%20Update 1736124230511.pdf ) ================================================================================================================= Mirae Asset Sekuritas Indonesia Metal Commodity Technical Update Metal Commodity Technical Update Gold mixed to higher while Silver in limited downside by Tasrul Tanar (tasrul@miraeasset.co.id) January 6, 2025 Metal Commodity Technical Update Gold mixed to higher while Silver in limited downside Gold, 2,624.89 (+0.19%), Mixed to higher: Potensi kenaikan harga emas masih terlihat, mengikuti pola uptrend jangka panjang yang relatif kuat yang telah terbentuk selama 326 hari perdagangan terakhir. Secara statistik, pergerakan harga saat ini berada di kisaran +/ 1,90 standar deviasi dari garis tengah downtrend channel nya. Nilai r squared tercatat sebesar 0,9424, yang menunjukkan bahwa hanya sekitar 5,76% pergerakan harga berada di luar rentang normal, mencakup sekitar 18,78 hari perdagangan. Indikator CMO Optimized, RSI Optimized, dan W%R Optimized masih menunjukkan tren naik, dengan harga menembus moving average optimized periode 38 hari dari bawah, yang mengindikasikan potensi pemicu kenaikan lebih lanjut. Sebagai acuan, rentang perdagangan saat ini berada di antara 2.613,29 – 2.734,53. Silver, 29.24 ( 1.94%), Limited downside: Potensi koreksi harga perak tampaknya semakin terbatas, meskipun harga saat ini berada di bawah lower band dari pola uptrend jangka panjang yang relatif kuat yang telah terbentuk selama 316 hari perdagangan terakhir. Secara statistik, pergerakan harga saat ini berada di kisaran +/ 1,28 standar deviasi dari garis tengah downtrend channel nya. Nilai r squared tercatat sebesar 0,8017, yang menunjukkan bahwa sekitar 19,83% pergerakan harga berada di luar rentang normalnya selama sekitar 63 hari perdagangan. Indikator CMO Optimized menunjukkan kecenderungan pergerakan naik lebih lanjut, sementara indikator RSI Optimized dan W%R Optimized menunjukkan koreksi yang terbatas dan telah berada di area oversold. Harga masih berada di bawah moving average optimized periode 8 hari, yang mengindikasikan masih adanya potensi koreksi, meskipun mulai terbatas. Sebagai acuan, rentang perdagangan saat ini berada di antara 28,83 – 32,98. Stock Picks: ANTM, MDKA, ARCI, PSABN, UNTR, HRTA, BRMS. ( See Full Report: https://cdn.miraeasset.co.id/web research/uploads/250106%20(Mirae%20Asset%20Sekuritas%20Indonesia)%20Metal%20Commodity%20Technical%20Update 1736124230511.pdf )
