GOLD: Weekly Standard Deviation Report

Date Published: August 2, 2024
Author: Patrick MonteDeOca

Market Analysis Summary

Weekly Trend Momentum

• Current Status: Bullish.
• Reason: The gold futures contract closed at 2470, which is above the 9-day SMA of 2421.
• Negation Condition: A close below the 9-day SMA of 2421 would shift the weekly trend momentum from bullish to neutral.

Weekly Price Momentum

• Current Status: Bullish
• Reason: The market closed above the VC Weekly Price Momentum Indicator at 2469.
• Negation Condition: A close below the VC PMI of 2469 would shift the weekly bullish short-term trend to neutral.

Weekly Price Indicator

• Profit-Taking and Stop Levels:
  • If Short:
    • Take profits on corrections at the 2577-2416 levels.
    • Go long on a weekly reversal stop.
  • If Long:
    • Use the 2416 level as a weekly Stop Close Only and Good Till Cancelled order.
    • Take profits as the price reaches the 2524-2577 levels during the month.

Cycle

• Next Cycle Due Date: 08/15/2024

Strategy Summary

• Short Position:
  • Take profits at 2577-2416.
• Long Position:
  • Take profits at 2524-2577.
  • Use 2416 as a stop level.

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.