GLOBAL TRENDS WEEKLY

GOLD: Weekly Standard Deviation Report

Date Published: October 04, 2024
Author: Patrick MontesDeOca

Market Analysis Summary

Gold Futures Weekly Trading Strategy Summary

Weekly Trend Momentum

  • Closing Price: The gold futures contract closed at 2668.
  • 9-Day SMA: The market closing above the 9-day Simple Moving Average (SMA) at, 2578 confirms a bullish weekly trend momentum.
    • A close below the 9-day SMA would shift the short-term trend to neutral.

Weekly Price Momentum

  • VC Weekly Price Momentum Indicator (VC PMI): The market closed below the VC PMI at 2670, which indicates the price momentum is bearish.
    • A close above the VC PMI would negate the bearish signal, turning the trend neutral.

Trading Strategy

  • Short Trades:
    • Profit-Taking Levels: If short, take profits at 2644 and 2621.
    • Consider switching to long positions on a weekly reversal stop after taking profit on shorts.
  • Long Trades:
    • Stop-Loss Level: Use 2602 as a weekly Stop Close Only and Good Till Cancelled (GTC) order to manage risk.
    • Profit-Taking Levels: Take profits if the price reaches 2693 to 2718.

Cycle

  • The next cycle due date is October 15, 2024.

Strategy Summary

  • If Short: Look for profit-taking opportunities between 2644-2621. Consider going long on a weekly reversal signal after taking profit.
  • If Long: Place a stop-loss at 2602 and aim to take profits as the price reaches between 2693-2718.

This approach uses the 9-day SMA and VC PMI levels to determine market momentum, and provides clear entry/exit points for both short and long positions based on weekly trends and price momentum.


Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed herein constitutes a solicitation of the purchase or sale of any futures or options contracts. It is for educational purposes only.