GLOBAL TRENDS WEEKLY

GOLD: Weekly Standard Deviation Report

Date Published: August 23, 2024
Author: Patrick MonteDeOca

Market Analysis Summary

Weekly Trend Momentum

  • Closing Price: Gold futures closed at 2546.
  • 9-Day SMA: 2467.
  • Trend Status:
    • The market closing above the 9-day SMA at 2467 confirms a bullish weekly trend momentum.
    • A close below 2467 would shift the short-term trend to neutral.

Weekly Price Momentum

  • VC Weekly Price Momentum Indicator: 2541.
  • Momentum Status:
    • The market closing above the VC Weekly Price Momentum Indicator at 2541 confirms that the price momentum is bullish.
    • A close below 2541 would negate this bullish momentum and turn it neutral.

Weekly Price Indicator

  • Profit Targets:
    • Short Positions: Look to take profits on corrections at the 2511-2476 levels.
    • Long Positions: Consider taking profits as the market reaches the 2575-2604 levels during the month.
    • If currently long, use the 2476 level as a Weekly Stop Close Only and Good Till Cancelled order.

Cycle

  • Next Cycle Due Date: August 30, 2024.

Strategy

  • Short Positions: Take profits between 2511-2476.
  • Long Positions: Take profits between 2575-2604.

This strategy provides a clear framework for managing your positions in the gold futures market, with key focus areas on momentum, profit targets, and the upcoming cycle date.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.