GOLD: Weekly Standard Deviation Report
Date Published: October 11, 2024
Author: Patrick MontesDeOca
Market Analysis Summary
Gold Futures Weekly Trend and Strategy Summary
Key Levels and Momentum Analysis:
- Current Close: 2676
- 9-Day SMA: 2600
- Bullish Momentum: The market closed above the 9-day SMA (2600), confirming a bullish short-term trend.
- Neutral Signal: If the price closes below 2600, the trend turns neutral.
- VC PMI Level: 2658
- Bullish Price Momentum: The market closed above the VC PMI (2658), confirming bullish weekly price momentum.
- Neutral Signal: A close below 2658 will turn the momentum neutral.
Profit-Taking Levels and Trade Strategy:
- If Short:
- Take Profits between 2637-2598 during corrections.
- Reverse to Long: Go long if there is a weekly reversal stop signal.
- If Long:
- Stop-Loss: Use 2598 as a weekly Stop Close Only and Good Till Cancelled (GTC) order to manage risk.
- Profit Target: Take profits between 2697-2718 during the week.
Cycle Analysis:
- Next Cycle Due Date: October 15, 2024
- Be prepared for potential volatility or trend shifts around this date.
Recommended Strategy:
- If Short:
- Take profits between 2637-2598.
- Be ready to reverse to a long position if a weekly reversal stop occurs.
- If Long:
- Hold the position with a Stop Close Only at 2598 to protect against downside risk.
- Take profits between 2697-2718 if the price reaches those levels.
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.