GOLDBUGS AMEX Goldbugs Index (GOLD)

[DiscoverGold]

NY Gold Nearest Futures - New Pattern Forming »» Weekly Summary Analysis
By: Marty Armstrong | October 24, 2020

NY Gold Nearest Futures closed today at 190520 and is trading up about 25% for the year from last year's settlement of 152310. This price action here in October is reflecting that this is within the scope of a bearish reactionary move on the monthly level thus far.

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.

Looking at the indicating ranges on the Daily level in the NY Gold Nearest Futures, this market remains moderately bearish position at this time with the overhead resistance beginning at 191760 and support forming below at 190110. The market is trading closer to the support level at this time.

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 been generally trading down to sideways for the past week, which has been a moderate move of .0233% in a reactionary type decline.

Looking at this from a broader perspective, this last rally into the week of October 12th reaching 193940 failed to exceed the previous high of 198380 made back during the week of September 14th. That rally amounted to only three typical reaction weeks. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 185110. Resistance is to be found starting at 193820. Looking at this from a wider perspective, this market has been trading up for the past 7 weeks overall.

Interestingly, the NY Copper Nearest Futures has been in a bullish phase for the past 6 months since the low established back in March.

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. Immediately, the market is trading within last month's trading range in a neutral position.

DiscoverGold

Click on "In reply to", for Authors past commentaries