GOLD: Weekly Standard Deviation Report

Date Published: September 8, 2024
Author: Patrick MonteDeOca

Market Analysis Summary

Weekly Trend Momentum

• Current Status: Bullish
• Reason: The gold futures contract closed at 2525, which is above the 9-day SMA of 2492.
• Negation Condition: A close below the 9-day SMA of 2492 would shift the weekly trend momentum from bullish to neutral.

Weekly Price Momentum

• Current Status: Bearish
• Reason: The market closed below the VC Weekly Price Momentum Indicator at 2529.
• Negation Condition: A close above the VC PMI of, 2529 would shift the weekly bearish short-term trend to neutral.

Weekly Price Indicator

• Profit-Taking and Stop Levels:
  • If Short:
    • Take profits on corrections at the 2499–2472 levels.
    • Go long on a weekly reversal stop.
  • If Long:
    • Use the 2492 level as a weekly Stop Close Only and Good Till Cancelled order.
    • Take profits as the price reaches the 2556–2586 levels during the month.

Cycle

• Next Cycle Due Date: 09/15/2024

Strategy Summary

• Short Position:
  • Take profits at 2499-2472.
• Long Position:
  • Take profits at 2556-2586.
  • Use 2492 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.