GLOBAL TRENDS WEEKLY

GOLD: Weekly Standard Deviation Report

Date Published: September 13, 2024
Author: Patrick MonteDeOca

Market Analysis Summary

Weekly Trend Momentum

  • Closing Price: Gold futures closed at 2611.
  • 9-Day SMA: 2507.
  • Trend Status:
    • The market closing above the 9-day SMA at 2507 confirms a bullish weekly trend momentum.
    • A close below 2507 would shift the short-term trend to neutral.

Weekly Price Momentum

  • VC Weekly Price Momentum Indicator: 2529.
  • Momentum Status:
    • The market closing below the VC Weekly Price Momentum Indicator at 2529 indicates that the price momentum is bearish.
    • A close above 2529 would negate this bearish momentum and turn it neutral.

Weekly Price Indicator

  • Profit Targets:
    • Short Positions: Look to take profits on corrections at the 2545-2479 levels.
    • Long Positions: Consider taking profits as the market reaches the 2646-2681 levels during the month.
    • If currently long, use the 2479 level as a Weekly Stop Close Only and Good Till Cancelled order.

Cycle

  • Next Cycle Due Date: September 15, 2024.

Strategy

  • Short Positions: Take profits between 2545-2479.
  • Long Positions: Take profits between 2646-2681.

This analysis provides a comprehensive framework for managing your gold futures positions, focusing on key momentum indicators, 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.