GOLD: Weekly Standard Deviation Report

Date Published: September 20, 2024
Author: Patrick MonteDeOca

Market Analysis Summary

Weekly Trend Momentum:

• Closing Price: The gold futures contract closed at 2646.
• 9-Day SMA: The market closing above the 9-day Simple Moving Average (SMA) at 2529 confirms a bullish weekly trend momentum.
  • A close below the 9-day SMA would shift the short-term trend to neutral.

Weekly Price Momentum:

• VC PMI: The market closing above the Variable Price Momentum Indicator (VCPMI) at 2623 confirms that the price momentum is bullish.
  • A close below the VCPMI would negate this bullish signal and turn the price momentum neutral.

Weekly Price Indicator:

• Profit Targets and Stop-Loss:
  • If short, look to take profits on corrections at 2595 and 2544.
  • If long, place a Stop Close Only and Good Till Cancelled (GTC) order at 2544.
  • If long, target profits at 2674 and 2702.

Strategy:

• If short, take profits in the 2595-2544 range.
• If long, take profits in the 2674-2702 range.

Cycle:

• The next cycle due date is 9/30/2028.

This analysis helps guide your trading decisions based on the trend and price momentum, as well as profit-taking strategies.

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.