GOLD: Weekly Standard Deviation Report

Date Published: August 11, 2024
Author: Patrick MonteDeOca

Market Analysis Summary

Weekly Trend Momentum

• Closing Price: Gold futures closed at 2473.
• 9-Day SMA: 2432.
• Trend Status:
  • The market closing above the 9-day SMA at, 2432 confirms a bullish weekly trend momentum.
  • A close below, 2432 would shift the short-term trend to neutral.

Weekly Price Momentum

• VC Weekly Price Momentum Indicator: 2432.
• Momentum Status:
  • The market closing above the VC Weekly Price Momentum Indicator at 2432 confirms that the price momentum is bullish.
  • A close below 2432 would negate this bullish momentum and turn it neutral.

Weekly Price Indicator

• Profit Targets:
  • Short Positions: Look to take profits on corrections at the 2418–2363 levels.
  • Long Positions: Consider taking profits as the market reaches the 2514–2555 levels.
  • If currently long, use the 2363 level as a Stop Close Only and Good Till Cancelled order.

Cycle

• Next Cycle Due Date: August 15, 2024.

Strategy

• Short Positions: Take profits between 2418-2363.
• Long Positions: Take profits between 2514-2555.

This strategy provides a clear framework for managing your positions based on the current market momentum and key price 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.