GLOBAL TRENDS WEEKLY

GOLD: Weekly Standard Deviation Report

Date Published: June 30, 2024
Author: Patrick MonteDeOca

Gold Bow Series (CLIPPING PATH XL)

Summary

  • Gold futures closed below 9-day SMA, confirming bearish trend at 2340.
  • VC Weekly Price Momentum indicator at 2332 confirms bullish price momentum.
  • Structured approach integrates trend analysis, momentum indicators, and cyclical insights for optimal trading strategy.

Weekly Trend Momentum

  • Gold Futures Contract Closed at 2340: The market closing below the 9-day Simple Moving Average (SMA) of 2357 confirms a bearish trend.
  • 9-day SMA: Closing above the 9-day SMA would negate the bearish short-term trend, shifting it to neutral.

Weekly Price Momentum

  • VC Weekly Price Momentum Indicator at 2332: With the market closing above this level, the price momentum is confirmed to be bullish.
  • VC PMI: Closing below the VC PMI would negate the bullish short-term trend, shifting it to neutral.

Weekly Price Indicator

  • Short Positions: Look to take profits on corrections at the 2313–2286 levels. Consider going long on a weekly reversal stop.
  • Long Positions: Use the 2286 level as a weekly Stop Close Only and Good Till Cancelled order. Consider taking profits on longs as the market reaches the 2359–2378 levels during the month.

Cycle

  • Next Cycle Due Date: 6.30.24. Traders should be aware of potential market shifts around this date.

Strategy

  • If Short: Take profits in the 2313-2286 range.
  • If Long: Take profits in the 2359-2378 range.

This structured approach integrates trend analysis, momentum indicators, and cyclical insights to form a comprehensive standard deviation trading strategy. It helps traders optimize market entries and exits, manage risks effectively, and maximize potential profits.

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.