GOLD: Weekly Standard Deviation Report
Date Published: July 12, 2024
Author: Patrick MonteDeOca
Market Analysis Summary
Weekly Trend Momentum:
- Current Trend: Bullish (Gold futures contract closed at 2421, above the 9-day SMA of 2367).
- Potential Shift: A close below the 9-day SMA would negate the weekly bullish short-term trend to neutral.
Weekly Price Momentum:
- Current Momentum: Bullish (Market closed above the VC Weekly Price Momentum Indicator at 2402).
- Potential Shift: A close below the VC PMI would negate the weekly bullish short-term trend to neutral.
Price Indicator Levels:
- Profit-Taking for Shorts: Look for corrections to the 2449–2476 levels.
- Long Entry: Consider entering on a weekly reversal stop.
- Stop Loss for Longs: Use 2476 as a Weekly Stop Close Only and Good Till Cancelled order.
- Profit-Taking for Longs: Consider cashing in if the market nears 2449–2446 levels during the month.
Cycle Update:
- Next Cycle Date: July 15, 2024.
Suggested Strategy:
- Current Positions:
- If Short: Take profits at corrections to the 2375–2328 levels.
- If Long: Take profits if the market hits 2449–2476 levels.
- Potential New Positions:
- Long Entry: Enter on a weekly reversal stop.
- Stop Loss: Set at 2476 (Weekly Stop Close Only and Good Till Cancelled).
Monitoring Points:
- Watch for a close above the 9-day SMA to maintain the bullish trend.
- Keep an eye on the VC PMI for any changes indicating a shift to neutral momentum.
Key Levels to Watch:
- Bullish Trend: Above 2367 (9-day SMA)
- Bullish Momentum: Above 2402 (VC PMI)
- Profit-Taking for Shorts: 2449-2476
- Stop Loss for Longs: 2476
- Profit-Taking for Longs: 2449-2446
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.