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NY Gold Nearest Futures Summary Analysis
By: Marty Armstrong | December 30, 2017

Analysis for the Week of January 1, 2018

As of the close of Fri. Dec. 29, 2017: The market is in a bullish posture near-term suggesting it is holding trading above the December 2016 high. Projected technical Resistance stands tomorrow at 130982 and 130932. Opening above this area will cause it to become support. Projected technical Support tomorrow lies at 129612 and 129752. Naturally, opening below this area will cause it to become resistance.

We should see a trend change come January 2018 in NY Gold Nearest Futures so pay attention to events ahead. Last month produced a neutral inside trading range from the previous month. We now breakout of this range to proceed in that direction be it up or down technically speaking.

NY Gold Nearest Futures closed today at 130930 and is trading up about 13% for the year from last year's closing of 115170. So far, we have been trading up for the past 13 days since the low made on Tue. Dec. 12, 2017.

The Daily level of this market is currently in a full bullish immediate tone with support at 128840

On the weekly level, the last important high was established the week of December 25th at 130980, which was up 2 weeks from the low made back during the week of December 11th. We have been generally trading up since that low, which has been a sharp move of 5.77% percent in a stark panic type advance. The broader perspective, this current rally into the week of December 25th has exceeded the previous high of 130040 made back during the week of November 27th. We have seen a rally so far from the last low at 123830 made the week of December 11th, and only a break of that low would signal a technical reversal of fortune. Otherwise, the market remains strong at this time. Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend. Looking at this from a wider perspective, this market has been trading up for the past 9 weeks overall.

Some caution is necessary since the last high 136240 was important given we did obtain one sell signal from that event established during September. Critical support still underlies this market at 121420 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible.



Expansively, my far-reaching forecast recognizes that the current bullish progression in NY Gold Nearest Futures reflects a major low may be forming since we have not elected any Yearly sell signals on our model. Furthermore, the NY Gold Nearest Futures remains somewhat neutral at this present moment trading within last year's range of 137750 and 106100. Presently, we have made a reaction low in 2015 which was a 4 year decline. Since that reaction low of 2015, this market has bounced for 2 years, but it remains still within last year's trading range of 137750 to 106100. Keep in mind that we may yet complete the decline to a new low this year if we do not exceed last year's high of 137750 and close above the Yearly Bullish Reversal at 130790. Failure to make new lows this year warns that we could extend down into next year since their is a split between the high intraday took place in 2011 and the highest yearly closing which unfolded in 2012.

To date, this market has not breached any long-term support which begins at 68090 on an annual closing basis. Overhead key resistance within this trend stands at 130790, while support immediately lies down at 68090 on an intraday basis. So far, this market has remained in a bearish tone since the 192370 major high established back in 2011.

Eyeballing the immediate trend remains bullish since November made new highs and we have exceeded that high so far this month. This is further illustrated given the fact that last month also closed higher. Currently, the market in technically neutral since it is still trading inside last year's trading range. On the weekly level, the last week of 12/25 was an outside reversal to the upside which is implying we have a bullish bias currently. Overall, looking at the weekly level on our models, this market is currently in a rising trend. We see here the trend has been moving up for the past 2 weeks. The last weekly level low was 123830, which formed during the week of December 11th. The last high on the weekly level was 130980, which was created during the week of December 25th. For now on a broader perspective, this market in an uptrend posture looking at the monthly level. We see here the trend has been moving up for the past 23 months. The last monthly level low was 104540, which formed during December 2015. The last high on the monthly level was 136240, which was created during September.

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