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.