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NY Gold Nearest Futures - Preparing to Decline »» Daily Summary Analysis
By: Marty Armstrong | September 26, 2020

NY Gold Nearest Futures closed below our indicating ranges on the Daily level. It closed today at 186630 and is trading up about 22% for the year from last year's settlement of 152310. At present, this market has been rising for 9 months going into September suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low. As we stand right now, this market has made a new low breaking beneath the previous month's low reaching thus far 185100 yet it is trading below last month's close of 197860.

The NY Gold Nearest Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2020. Prominently, we have elected three Bullish Reversals to date.

This market is still what we classify as a Bull Market given its strong posture above our Monthly to Yearly indicating models while the Weekly is still positive but showing signs of overhead resistance.

The perspective using the indicating ranges on the Daily level in the NY Gold Nearest Futures, this market remains in a bearish position at this time with the overhead resistance beginning at 189890.

On the weekly level, the last important high was established the week of August 3rd at 207800, which was up 15 weeks from the low made back during the week of April 20th. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed beneath that low which was 193820. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are trading below the Weekly Momentum Indicators warning that the decline is very significant and we need to pay attention to the timing and reversals.

Interestingly, the NY Gold Nearest Futures has been in a bullish phase for the past 15 months since the low established back in May 2019.

Critical support still underlies this market at 167590 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading below last month's low warning of weakness at this time.

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